News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Actually, the two-year Dana bk from March 2006 to February 2008 also saw a company name change/cusip/complete new FINRA registration from the old, defunct Dana Corporation to the new holding co, owned by the creditors, Dana Holding. One of the first things they did was issue and sell 500M in more stock in "DAN".. so it's important to distinguish looking at this chart of Dana Holding that the late 2008 nosedive and recent rebound in price, all has happenned outside of the Chapter 11 process, which had already been completed.
Here is an outline from WSJ, this plan has since been approved by the judge, however there is still ambiguity concerning the fate of LEARQ holders and what portion they will get of the new stock. But there is a general belief that there will be somewhere around $20 million in new shares and/or subsciption rights/warrants to the new company when it emerges, that's why LEARQ is rock solid here and when the plan was approved it did not fall to a dime or less.
Under Lear's Chapter 11 restructuring plan, the lenders would forgive their debt in exchange for a new $600 million term loan plus all of a reorganized Lear's preferred stock, valued at $500 million, and a substantial share of the company's new common stock.
Unsecured creditors, including bondholders owed $1.3 billion, would receive a chunk of Lear's common stock plus warrants allowing them to purchase an additional 15% of the company's shares. They are expected to recover about 43% on their claims.
Lear last month filed court documents indicating that its creditors would recover far less in a liquidation. According to an analysis prepared by Alvarez & Marsal, lenders would recover only 36% on their $2.3 billion in claims if the Southfield, Mich., company were to liquidate.
At Friday's hearing, Lear will ask the court to approve an outline of the plan, called a disclosure statement. The court must approve the statement before creditors can begin voting on the plan.
Lear, which makes automotive seats and electronics, filed for Chapter 11 bankruptcy protection on July 7.
http://online.wsj.com/article/BT-CO-20090911-709208.html
stay up to date on Lear court proceedings and details here
http://www.kccllc.net/
Dana chart, all post-bk:
http://www.sec.gov/litigation/admin/2009/34-60657.pdf
trying to be realistic here but the charts seem to be breaking out.. Not sure if I should be adding some more..
|
Followers
|
8
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
941
|
|
Created
|
05/10/09
|
Type
|
Free
|
| Moderators | |||
Lear Corporation (Lear) is a global tier I supplier of automotive seat systems, electrical distribution systems and electronic products with a global footprint that includes locations in 36 countries worldwide. The Company business is focused on providing complete seat systems and the components thereof, as well as electrical distribution systems and electronic products, and the Company supply every automotive manufacturer in the world. In 2008, the Company sales were comprised of vehicle categories: 65% cars, including 28% mid-size, 22% compact, 13% luxury/sport and 2% full-size, and 35% light truck, including 21% sport utility/crossover and 14% pickup and other light truck. The Company conducts its business in two product operating segments: seating and electrical and electronic. In April 2009, The Furukawa Electric Co., Ltd. acquired interests in Lear Furukawa Corp. from Lear Corporation. As of April 22, 2009, The Furukawa Electric Co., Ltd. owned 80% interest in Lear Furukawa Corp.
Company Overview
Lear was founded in 1917 in Detroit as American Metal Products, a manufacturer of tubular, welded and stamped assemblies for the automotive and aircraft industries. Lear has grown to meet the changing needs of the industry with 18 major acquisitions since 1994, when Lear went public.
Today, the company provides complete seat systems, electronic products and electrical distribution systems. With annual net sales of $13.6 billion in 2008, Lear ranked #157 in 2008 among the Fortune 500. The company's world-class products are designed, engineered and manufactured by a diverse team of 80,000 employees at 210 facilities in 36 countries. Lear's headquarters are in Southfield, Michigan, and Lear is traded on the New York Stock Exchange under the symbol [LEA].
The success of Lear is a result of our dedication to provide the best possible service to the world's automakers - which includes understanding their customers, the automotive consumer - by delivering increased value through the latest vehicle interior technologies and the continuous improvement of our processes and product quality. All of this is reflected in Lear's exclusive People-Vehicle-Interface Methodology. By utilizing the PVI Method, Lear employs an innovation development discipline that turns market opportunities into the products that consumers want and customers need in their vehicles.
| Short Interest (Shares Short) | 5,488,800 |
| Days To Cover (Short Interest Ratio) | 0.5 |
| Short Percent of Float | 7.20 % |
| Short Interest - Prior | 3,062,200 |
| Short % Increase / Decrease | 79.24 % |
| Short Squeeze Ranking™ | -3 |
Short interest has increased here.Updated May 28th 2009
May 23, 2009 (Wall Street Horizon via COMTEX) -- LEA | Quote | http://charts.powerratings.net/prcharts/?src=prchartl&sym=LEA");" rel="nofollow">Chart | News | PowerRating -- e>Lear Corp. (LEA)
Expected next earnings release: Announcement date: 7/29/2009 - Before Market Earnings Quarter: Q2 Announcement Status: Unconfirmed
NEWS
---------------------------
http://www.wwj.com/These-Lear-Seats-Were-Something-Else-Before/4470780
