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Article: Advance work helped Lear exit bankruptcy quickly.
- Article from:
- Automotive News
- Article date:
- November 9, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ryan Beene
Lear Corp. emerged from Chapter 11 bankruptcy today under the ownership of its secured lenders and bondholders after four months under court protection.
The world's second-largest manufacturer of automotive seats will be the first of six publicly traded auto suppliers that filed for protection this year to emerge.
Lear eliminated about $3.6 billion in loan and bond debt, bolstered its liquidity, positioned itself to issue new common stock after its prior shares fell to worthlessness, appointed a new board of directors and revamped most of its supplier agreements.
Lear CFO Matt Simoncini said the company's secured ...