Judge confirms Lear plan (Dealscape

Lear Corp. has been given the green light from a New York judge to motor out of Chapter 11. Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Thursday, Nov. 5, confirmed the prenegotiated reorganization plan of the Southfield, Mich., auto parts maker. Lear said that it expects to emerge from Chapter 11 on Nov. 9, once all the closing conditions tied to its plan are met.

Under the plan, prepetition lenders led by J.P. Morgan Chase Bank NA will swap a $1.6 billion allowed claim for a pro-rata share of a $550 million second-lien term loan, $500 million in Series A preferred stock and 35.5% of Lear's new common stock.

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NOT A SUBSCRIBER? Judge confirms Lear plan Posted on November 6, 2009 7:30 AM Lear Corp. has been given the green light from a New York judge to motor out of Chapter 11. Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Thursday, Nov. 5, confirmed the prenegotiated reorganization plan of the Southfield, Mich., auto parts maker. Lear said that it expects to emerge from Chapter 11 on Nov. 9, once all the closing conditions tied to its plan are met. Under the plan, prepetition lenders led by J.P. Morgan Chase Bank NA will swap a $1.6 billion allowed claim for a pro-rata share of a $550 million second-lien term loan, $500 million in Series A preferred stock and 35.5% of Lear's new common stock. This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 368 in-depth reports of Bankruptcies in the Automotive sector 217 articles related to Lear Corp. 198 articles related to Allan Gropper 24 in-depth transaction records for J.P. Morgan Chase Bank NA 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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