SOUTHFIELD, Mich. (Nov. 6, 2009)—Lear Corp. is preparing to emerge from Chapter 11 bankruptcy court protection, the supplier of automotive seating systems said.
The U.S. Bankruptcy Court of the Southern District of New York has approved the firm's reorganization plan, four months after the firm entered Chapter 11, the company said.
The reorganization becomes effective Nov. 9, once all closing conditions have been met, Lear said.