IN BRIEF (Page 17)
China Daily | Updated: 2009-07-08 08:00
Lear files for bankruptcy
US auto parts maker Lear Corp, which has been weighed down by heavy debts and a sharp decline in automobile demand, filed for Chapter 11 bankruptcy protection.
The move comes after Lear, which had been in talks with lenders, said on Monday it planned to convert $3.6 billion in debt into a combination of new debt, convertible stock and equity warrants under a planned reorganization in bankruptcy.
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