Lear Corporation’s reorganisation plans has been cleared by a bankruptcy court in New York, opening the way, after only four months, for the supplier to emerge from bankruptcy.
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“Today’s confirmation is an important milestone for Lear,” said chairman, president and CEO Bob Rossiter. “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.
“Upon emergence, we will have substantially lower debt, a strong and flexible balance sheet and in excess of one billion dollars in cash. 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.”
Lear expects the plan to become effective on 9 November.
The company has filed with the New York Stock Exchange (NYSE) to list its new common stock under the ticker symbol LEA.
