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Lear May File for Bankruptcy
Lear Corporation (LEA) may file for bankruptcy protection no later than Jul 1.
The company has until Tuesday, Jul 30 to make $38 million in loan interest payments or face the possibility of filing for Chapter 11 protection. The debt holders are preparing for a Chapter 11 bankruptcy filing.
Previously, the company warned that it may be forced to file for Chapter 11, but immediately following that warning, management was able to sign debt waivers.
We do not think that the company will be able to renegotiate a deal with its largest debt holders and will be forced to file bankruptcy.
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| Market Summary | Nov 26, 2009 00:26 am ET |
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