Seat-of-the-Pants: Lear files for Chapter 11 bankruptcy
Lear has been trying to find more diverse automakers to do business with besides the Detroit 3, but in the meantime, the seat and electronics manufacturer will reorganize and try to turn its fortunes around quickly. Investor Carl Icahn made a deal to buy out Lear shareholders a couple of years ago that might have prevented all this, but his deal was met with resistance over the price per share he was offering. Instead of the $37.25 per share Ichan was offering, current shares of Lear are likely to be worth a big old goose egg once Lear starts coughing up to it creditors. While some Lear seats may be very good at coddlng keisters, the company now has a lot of work to do to save its own ass.
[Source: Automotive News - sub. req'd | Photo by Bill Pugliano/Getty]
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