By Shawn Langlois, MarketWatch
SAN FRANCISCO (MarketWatch) -- After falling into bankruptcy four months ago, Lear Corp. said Monday that it has emerged as a more competitive auto-parts maker with a strong balance sheet and an improving business outlook.
"We have moved through the financial restructuring process without missing a beat operationally," said Bob Rossiter, chairman and chief executive officer. "We have continued to win new business globally, strengthened our industry-leading global capabilities and the spirit of the Lear team has never been more positive."
The Southfield, Mich.-based company, which employs about 75,000 workers across 36 countries, said it cut its debt obligations by about $2.8 billion and now has more than $1 billion in cash.
Lear's debt now stands at less than $1 billion, all at competitive interest rates and no near-term maturities, according to the company.
Lear /quotes/comstock/11i!learq (LEARQ 0.02, 0.00, -18.41%) said its new common stock, which will trade under its historical ticker "LEA," will begin trading on the New York Stock Exchange on a "when issued" basis on Monday before trading "regular way" within several days.
The company, which makes car seats and electronics, said its net sales backlog totals $1.4 billion for 2010 to 2012, marking a 25% improvement from its prior status, even with the industry's lower production levels.
Last month, fellow parts-maker Delphi Corp. announced its emergence from bankruptcy after a four-year trip through the court.
