Southfield, Michigan – Auto seating and electronic components manufacturer Lear Corporation has been granted court approval to continue its U.S. and Canadian operations during its reorganization under bankruptcy.
The U.S. Bankruptcy Court approved Lear’s first day motions, granting interim approval for the company to continue the uninterrupted use of its cash resources. These resources, in addition to new money debtor-in-possession financing awaiting approval, will enable Lear to meet its ongoing financial obligations, including employee wages, benefits, supplier payments and other operating expenses.
The court also issued a variety of orders that will ensure Lear will continue to operate uninterrupted throughout the reorganization process. The company’s operations outside of Canada and the U.S. are unaffected by the bankruptcy filing, which took effect on July 7, 2009.