Lear Plan Aims To Convert $1.6B In Secured Claims

Law360, New York (August 17, 2009, 12:15 PM EDT) -- Bankrupt automotive seat maker Lear Corp. has filed its Chapter 11 reorganization plan and disclosure statement, seeking to convert $1.6 billion in agreed-on secured claims into new loans and preferred common equity in the restructured company.

Lear filed its plan and statement Friday in the U.S. Bankruptcy Court for the Southern District of New York, saying that confirmation of the plan is necessary to prevent delays, additional costs and litigation.

The $1.6 billion in secured claims that will be converted into new loans and equity will...
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