Lear Latest For Chapter 11

US automotive component supplier Lear Corporation has announced that it will file for Chapter 11 protection for its US and Canadian business. This is as a result of its reliance on the 'Big Three' carmakers for sales. When General Motors (GM) announced its own bankruptcy filing, Lear was one of the names on a list of suppliers with outstanding debts owed by the carmaker. GM accounted for 23% of its global sales in 2008 while Ford Motor contributed 14%. Plummeting sales and reduced output of domestic players led to Lear posting a US$689.9mn loss last year.

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