Lear May Slide Into Ch. 11 Amid Car Industry Woes

Law360, New York (June 25, 2009, 12:00 AM EDT) -- Automotive seating system and interior electronics maker Lear Corp. is reportedly teetering on the edge of bankruptcy, with only days left before it must fork over a $38 million semiannual interest payment on two of its bonds.

The Southfield, Mich.-based company is working on a prepackaged bankruptcy ahead of a Tuesday deadline to make the payments and could file for a traditional bankruptcy as early as next week, Dow Jones reported Thursday.

Lear announced earlier this month that it had chosen not to make the payments...
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