By David Barkholz and Chrissie Thompson, Automotive News
Detroit, Michigan -- Seating and electronics supplier Lear Corp. put its US and Canadian operations into Chapter 11 bankruptcy protection on 7 July.
The filing, in the US bankruptcy court for the Southern District of New York, listed total assets of about $1270 million and total liabilities of about $4540 million.
The company, like other North American suppliers, has been hard hit by extensive production shutdowns at Chrysler and General Motors, along with the worst US light-vehicles sales environment in more than 27 years.
Lear said its subsidiaries outside the US and Canada are not part of the Chapter 11 filings.
Lear, No. 11 in 2008 global auto parts sales, is the largest supplier to go under this year. Its bankruptcy has loomed since it missed a $38-million bond payment 1 June.
Bob Rossiter, Lear ceo, said: "We are conducting business as usual and are very pleased to have received strong support from our lender and bondholder groups for our debt restructuring plan."
Rossiter said Lear expects to submit the plan to the bankruptcy court within 60 days.
"Our goal is to emerge from this process quickly and with an appropriate capital structure to support our long-term business objectives as a leading global competitor with the financial flexibility to build on our strengths and take advantage of future growth opportunities," he said in a statement.
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