SmarTrend(R) News Watch: Shares of Lear Continue to Fall on Possible Bankruptcy

Fri. June 26, 2009; Posted: 01:08 PM

Jun 26, 2009 (SmarTrend(R) News Watch via COMTEX) -- LEA | Quote | Chart | News | PowerRating -- Shares of Lear Corporation (NYSE:LEA) continue to slide as investors have become increasingly concerned over a potential bankruptcy filing. The shares, which closed over $2 just two weeks ago, are now trading at 37 cents, down nearly 30% today alone. The auto-parts maker has been hard hit as a result of the production cuts and sales declines at the nation's big automakers and faces a hefty $38 million interest payment du next week. Speculation has grown that if Lear cannot make the payment, it may be forced to file for bankruptcy. Last night the Wall Street Journal reported that the company was planning to file by July 1st, although no official statement has been yet made. The Journal's story noted that the possible filing will be part of a pre-packed bankruptcy that may include $500 million in debtor-in-possession (DIP) financing.

Write to Chip Brian at cbrian@tradethetrend.com

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