Auto parts maker Lear files for Chapter 11
US auto parts maker Lear Corp filed for Chapter 11 bankruptcy protection on Tuesday, a day after setting out plans to restructure its US$3.6-billion debt burden under a proposed deal with creditors.
Auto seating supplier Lear Corp said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained US$500-million in bankruptcy financing.