November 7, 2009
Detroit, MI
Lear Corp. Goes Bankrupt7/1/2009
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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