Monday, November 09, 2009 4:17:08 PM
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.
Recent LEA News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/04/2024 02:14:11 PM
- Lear to Participate in the Morgan Stanley 12th Annual Laguna Conference • PR Newswire (US) • 08/29/2024 08:15:00 PM
- Lear Wins Premium Car Category, Leads in Top 3 Finishes in J.D. Power Seat Quality and Satisfaction Study • PR Newswire (US) • 08/26/2024 01:00:00 PM
- Lear Declares Quarterly Cash Dividend • PR Newswire (US) • 08/15/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2024 06:54:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2024 06:45:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 03:21:58 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 03:18:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/12/2024 01:07:45 PM
- Lear Appoints Former Leading Auto Analyst Rod Lache to Board of Directors • PR Newswire (US) • 08/12/2024 01:00:00 PM
- Every Day, Striving for Better: Lear Publishes 2023 Sustainability Report • PR Newswire (US) • 07/30/2024 01:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/25/2024 01:11:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:01:56 AM
- 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
- Lear to Participate in the Deutsche Bank Global Auto Industry Conference • PR Newswire (US) • 05/30/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/29/2024 05:26:21 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/28/2024 07:22:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/28/2024 05:38:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 04:09:35 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/23/2024 06:26:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:24:02 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:15:55 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM