The Lear Corporation which makes car seats, electrical and electronic systems for car makers such as Ford and GM has filed for chapter 11 protection in the US after missing a $38m dollar interesr payment on its bonds last week.
The company, based in Southfield, Michigan, near Detroit, reported net sales of $13.6bn in 2008 and employs 80,000 employees in 36 countries. Its filing covers Lear’s US and Canadian businesses but its subsidiaries outside the US will be unaffected.
Car makers anxious to protect their supply have stepped in with limited financial aid or more lenient payment terms.
