Car parts maker Lear emerges from bankruptcy
Automobile parts maker Lear Corp (LEA_w.N) said on Monday that it had
emerged from bankruptcy protection with less than $1 billion in debt.
The maker of seats, door panels and electrical
distribution systems for cars also said its new common shares would trade on
the
Lear filed for Chapter 11 bankruptcy protection on
July 7 and has worked to restructure debt and operations.
The company has cut its debt obligations by about $2.8
billion and emerges from bankruptcy with $1 billion in cash and no near-term
debt maturities.
"Moving forward, we are committed to maintaining
a disciplined financial profile and an investment grade focus that will enable
us to continue investing in new products and technologies globally, as well as
growth in emerging markets," Chief Executive Officer Bob Rossiter said in
a statement.
The current net sales backlog totals $1.4 billion for
2010 to 2012, Lear said.
The new common shares will list on the New York Stock Exchange under the
historical LEA stock symbol. It will begin trading on a "when issued"
basis on Monday, with shares to begin "regular way" trading within
several days, Lear said.
Source: reuters.com