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Emerged from Chapter 11
10-11-2009 - positive third quarter operating results
Automotive industry supplier Lear Corp. said Monday it has emerged from Chapter 11 bankruptcy protection with a cleaner balance sheet, a sales backlog and positive third quarter operating results.
The U.S. Bankruptcy Court for the Southern District of New York approved the company's reorganization plan Thursday after a majority of voting classes approved it.
The Southfield, Mich.-based Lear filed for bankruptcy July 7.
The reorganization has reduced Lear's debt obligations about $2.8 billion and Lear CEO Bob Rossiter the company is in a better position to be viable long-term. Lear says it now has about $1 billion in debt, about $1.4 billion in net sales between next year and 2012, and no near-term maturities of debt.
"We have moved through the financial restructuring process without missing a beat operationally," Rossiter said in a statement.
Rossiter is also chairman and president.
Lear has operations around the globe and operates a Hammond facility that produces seats. Lear is also a supplier of electrical distribution systems and electronic products, which constitutes 60 percent of the company's sales.
Lear's common stock will be listed on the New York Stock Exchange under its former symbol "LEA" and normal trading on the stock is expected soon. (By Bowdeya Tweh - bowdeya.tweh@nwi.com)
10-11-2009 - positive third quarter operating results
Automotive industry supplier Lear Corp. said Monday it has emerged from Chapter 11 bankruptcy protection with a cleaner balance sheet, a sales backlog and positive third quarter operating results.
The U.S. Bankruptcy Court for the Southern District of New York approved the company's reorganization plan Thursday after a majority of voting classes approved it.
The Southfield, Mich.-based Lear filed for bankruptcy July 7.
The reorganization has reduced Lear's debt obligations about $2.8 billion and Lear CEO Bob Rossiter the company is in a better position to be viable long-term. Lear says it now has about $1 billion in debt, about $1.4 billion in net sales between next year and 2012, and no near-term maturities of debt.
"We have moved through the financial restructuring process without missing a beat operationally," Rossiter said in a statement.
Rossiter is also chairman and president.
Lear has operations around the globe and operates a Hammond facility that produces seats. Lear is also a supplier of electrical distribution systems and electronic products, which constitutes 60 percent of the company's sales.
Lear's common stock will be listed on the New York Stock Exchange under its former symbol "LEA" and normal trading on the stock is expected soon. (By Bowdeya Tweh - bowdeya.tweh@nwi.com)
