Lear files Chapter 11 bankruptcy

Southfield-based auto supplier Lear Corp. filed for Chapter 11 bankruptcy protection today, after it said it had received backing from a majority of its bank lenders and bondholders.

Lear and its U.S. and Canadian subsidiaries filed for bankruptcy in New York, becoming the latest in a string of troubled auto suppliers to seek court-overseen restructuring. On July 1, Lear said it planned to take the step after missing a key $7.2 million debt payment.

Lear’s 26-page petition lists $1.27 billion in assets and $4.5 billion in debts. Its largest owner is Vanguard Windsor Funds with a nearly 8 percent stake. Lear’s largest creditors are its lenders who are owed about $1.3 billion. It also owes an unspecified amount in pension obligations and $5.1 million to Johnson Controls Inc.
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