Lear ready to exit bankruptcy

[rickaren]

Lear ready to exit bankruptcy Monday

Posted on Thursday, November 5th, 2009 at 5:05 PM EST.(Employee News)

Lear Corp. is poised to emerge from bankruptcy protection Monday now that the New York bankruptcy court today confirmed the Southfield, Mich.-based supplier’s reorganization plan, The Detroit News reported.

The approval clears the path for Lear operations in the United States and Canada to exit Chapter 11 after four months of protection with less debt and more than $1 billion in cash, Chairman Bob Rossiter said in a press release. The supplier of seats, electrical systems and electronics expects the reorganization plan to become effective Monday, once all closing conditions have been met, the News said.

At today’s confirmation hearing, Judge Allan Gropper said Lear has met all requirements to exit bankruptcy, the story said. “Today’s confirmation is an important milestone for Lear,” Rossiter was quoted in the paper. “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.” (The Detroit News)