Rochester, NY 6/26/2009 9:40:47 AM
News / Finance

After Hours Report - LEA - Lear Corp Files for Bankruptcy Next Week - Sourced WhisperFromWallStreet.com

Lear Corporation

After Hours Report - LEA - Lear Corp Files for Bankruptcy Next Week - Sourced WhisperFromWallStreet.com

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LEAR CORP.,LEA

Auto parts supplier Lear Corp (LEA.N) is preparing to file for bankruptcy as soon as next week, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The news comes as Lear faces a June 30 window, through which its lenders have agreed to waive the existing defaults under its primary credit facility. Lear, which warned in March it might have to file for bankruptcy, has been exploring alternatives to restructure its debt outside of bankruptcy over the past months. Lear spokesman Mel Stephens declined to comment.

About

Lear Corporation designs, manufactures, and markets automotive seat systems, electrical distribution systems, and electronic products for the automotive industry. It operates in two segments, Seating and Electrical and Electronic. The Seating segment engages in the manufacture, assembly, and supply of vehicle seating requirements for automobiles and light trucks. The Electrical and Electronic segment offers electrical distribution systems and electronic products, including wire harnesses, junction boxes, terminals and connectors, various electronic control modules, wireless systems, and high voltage components, as well as audio sound systems and in-vehicle television and video entertainment systems.

Last Trade:      0.54
Day's Range:    0.50 - 0.76
52wk Range:    0.27 - 18.31
Volume:           41,894,081
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