Lear Corp. (LEA): Looks like the shares are really worth z...

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Lear Corp. (LEA)

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Friday, 11/06/2009 7:56:32 AM

Friday, November 06, 2009 7:56:32 AM

Looks like the shares are really worth zero???

DETROIT -(Dow Jones)- Lear Corp., a maker of automotive seats and electronics, aims to cut its debt by almost 70% as it looks to restructure itself under bankruptcy protection.

The company said it plans to reduce its overall debt to $1.1 billion by restructuring $3.6 billion in loans and bonds that mature after 2012, it said in a filing with the Securities and Exchange Commission Monday.

The filing is the latest news provided by the company since it announced July 1 that it would seek Chapter 11 after failing to make $38 million in payments due June 30 for its senior notes.

Under Lear's plan, the company's new capital structure would include a $600 million second-lien term loan and $500 million of Series A convertible preferred stock. Current shareholders would get nothing, leaving the company in the hands of its creditors.

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Recent LEA News

Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/04/2024 02:14:11 PM
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Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2024 06:54:33 PM
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Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 03:21:58 PM
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Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/25/2024 01:11:59 PM
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Lear Reports Second Quarter 2024 Results • PR Newswire (US) • 07/25/2024 10:30:00 AM
Lear Completes Acquisition of WIP Industrial Automation • PR Newswire (US) • 07/17/2024 01:20:00 PM
Lear Announces Date for Second Quarter 2024 Earnings Conference Call • PR Newswire (US) • 06/26/2024 02:30:00 PM
Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/30/2024 08:15:16 PM
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