Court OKs Chapter 11 plan for Lear Corp.

DETROIT (Nov. 5, 3 p.m. ET) -- Lear Corp. received court approval for its Chapter 11 bankruptcy reorganization plan from the U.S. Bankruptcy Court in New York today, nearly four months after the company filed for protection.

The Southfield, Mich.-based supplier of seating systems and electronics expects to emerge from bankruptcy on Monday, once all the closing conditions are met, according to a company statement.

“Thanks to the diligent work of our employees and the tremendous support we have received from our customers, suppliers, secured lenders, bondholders and others, we have moved through the restructuring process expeditiously,” CEO and Chairman Robert Rossiter said in a statement.

The company will have slashed about $3.6 billion in secured debt and will have more than $1 billion in cash once it emerges from bankruptcy, according to Rossiter’s statement and bankruptcy court documents.

“This capital restructuring, combined with the significant operational restructuring we have completed since mid-2005, positions our company for profitable growth and long-term success.”

(You need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

Fields marked with * are required.