Lear Ch. 11 Presses Toward Nearly Carefree Finish

Law360, New York (November 5, 2009, 3:56 PM EST) -- A New York City judge approved Southfield, Mich.-based Lear Corp.'s plan of reorganization on Thursday in a bankruptcy hearing devoid of objections save an eleventh-hour letter from one wiped-out shareholder who did not show up to press the fight.

Judge Allan L. Gropper's order in the U.S. Bankruptcy Court for the Southern District of New York paved the way for the automobile seat maker to emerge as a slimmed-down business, complete with $950 million in exit financing.

“I understand the concerns of small shareholders,” the judge...
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