Lear Corporation is looking for an amendment and waiver under its primary credit facility in light of current and longer-term industry conditions, the auto supplier has said.

In a statement, Lear said it has initiated discussions with co-agents under its primary credit facility and has engaged Goldman Sachs to assist in the proposed bank amendment. The company will seek to complete the amendment and waiver prior to finalising its 2008 financial statements.

Lear said that at the end of the third quarter, it had more than US$500m in cash and cash equivalents.

During the fourth quarter, the company fully borrowed amounts available under its revolving credit facility in order to protect against disruptions in the capital markets and to further bolster its liquidity position.

As of 31 December 2008, the company had approximately $1.6bn in cash and cash equivalents providing more than ample resources to satisfy ordinary course business obligations, it said.

"Our liquidity position is strong," said chairman, CEO and president Bob Rossiter. "However, given the very challenging external environment, we are pro-actively addressing our capital structure to maintain our financial flexibility."