Lear Corp. Goes Bankrupt

7/1/2009

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Story Published: Jul 2, 2009 at 11:14 AM EDT

Story Updated: Jul 2, 2009 at 11:14 AM EDT

The world's second largest automotive seat maker announces plans to file for Chapter 11 bankruptcy protection. Lear Corporation employs almost 16 hundred people in Michigan. They secured a 500 million dollar bankruptcy loan from a group of banks. The company posted steep losses during the last few years---including a 690 million dollar loss last year.

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