Lear heads for Chapter 11 - The Business Journal of Milwaukee:

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Lear (NYSE: LEA) said Tuesday it secured the suppor t ofmajor lenders, including JPMorga n Chase and Citigroup, and bondholders for the move into Chaptedr 11 and the restructuring of its “We are conducting business as usual and are very pleased to have receivexd strong support from our lender and bondholder groups for our debt restructurinb plan. We intend to proceed on an expedited basis and expect to submit the plan to the Bankruptcy Courft within60 days,” chairman and CEO Bob Rossitert said in a release. The Mich.-based company said the Chaptedr 11 filing affectsits U.S. and Canadian operations and notits foreign-base d subsidiaries.
Lear was a major supplief to General Motors' pickup truclk and SUV plant in Janesville. Lear's Janesville plant was devastatede by the ceasing of pickup and SUV productionbat GM's plant last December. The bulk of Lear’s domestixc production operations are in where is runs nine and Indiana, where it has four plants. Lear is a key suppliert to , and many foreign automakers and is the second large domestic auto parts supplier to slip into bankruptcyu since the economy collapsedlast fall. , a partss maker spun off from Fordyears ago, filed for Chaptere 11 in May. Lear said in papersa filed in U.S. Bankruptcy Court in New York that ithad $1.
2u billion in assets and debts of $4.5 billion. The compant indicated last week that it would head for Chapter 11 after sayinhg it reached an agreement in principle with a banking syndicatr and bondholders to restructure its The companylost $690 million on $13.57 billiom in revenue in 2008, a swing from a $242 milliobn gain on nearly $16 billion in revenue the year It finished the first quarter of this year with $265 millionb loss on $2.17 billion in a swing from net income of $78.2q million on sales of $3.86 billionj a year earlier.