saw this on the Globe and Mail site.
Sources say Lear to file bankruptcy by June 30
Reuters Last updated on Saturday, Jun. 27, 2009 05:23AM EDT
Auto parts maker Lear Corp., which has been weighed down by heavy debt and a sharp decline in automobile demand, is expected to file for bankruptcy by June 30, sources close to the deal said. The move comes after Lear, which has been in talks with lenders, warned in March it might have to file for bankruptcy and as some of its auto maker customers struggle with bankruptcy themselves. The filing would come around the time a waiver from lenders on its loan defaults expires on June 30. It breached its leverage covenants at the end of 2008 after borrowing all of the $1.2-billion (U.S.) in its main credit facility. LEA (NYSE) fell 15 cents to 39 cents.