Lear made the decision after receiving support from lenders and bondholders to reconstruct their business.
Lear issued the filing in the U.S. Bankruptcy Court for the Southern District of New York, listing $1.27 billion in assets and $4.54 billion in liabilities. Subsidiaries outside the
The auto supplier's first court appearance was scheduled for 4 p.m. ET Tuesday before U.S. Judge Allan Gropper in
Lear was affected severely by the economic downturn 36 percent of its sales coming from North America and 49 percent coming from
Lear, which posted $13.6 billion in sales for 2008, is a key supplier for both GM and Ford. The pair represents the company's two largest customers and account for a combined 40 percent of its sales.
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