Lear Plans to File For Chapter 11
By Dan Strumpf
NEW YORK -- Automotive parts supplier Lear(LEA Quote) said it is preparing to file for Chapter 11 bankruptcy protection and has lined up financing to fund its operations while under court protection.
Lear, which makes automotive seating systems and electronics, said it is still negotiating with lenders and bondholders for additional support for its restructuring plan. In the meantime, the company said Wednesday it has a commitment for $500 million in loans to finance its bankruptcy from a group of lenders led by JPMorgan Chase and Citigroup.
Lear spokesman Mel Stephens declined to say how many of its lenders are on board with the Chapter 11 plan, how much more support it is seeking or when or where the Southfield, Mich.-based company plans to file for court protection. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,388.90 | 1,105.98 | 2,194.35 | 34.83 |
Oil *
77.74
|
|
UP
22.75
|
UP
6.06
|
UP
21.21
|
UP
1.03
|
10 Yr
3.48%
SPDR Gold
113.75
|
|
+0.22%
|
+0.55%
|
+0.98%
|
+3.05%
|
Data delayed 20 minutes |
Connect with TheStreet