Article: Advance work helped Lear exit bankruptcy quickly.

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 ...

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