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Automobile parts maker Lear said on Monday that it had emerged from bankruptcy protection with less than $1 billion in debt.
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Lear [LEA
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] filed for Chapter 11 bankruptcy protection on July 7 and has worked to restructure debt and operations.
The company has cut its debt obligations by about $2.8 billion and emerges from bankruptcy with $1 billion in cash and no near-term debt maturities.
"Moving forward, we are committed to maintaining a disciplined financial profile and an investment grade focus that will enable us to continue investing in new products and technologies globally, as well as growth in emerging markets," Chief Executive Officer Bob Rossiter said in a statement.
The current net sales backlog totals $1.4 billion for 2010 to 2012, Lear said.
The new common shares will list on the New York Stock Exchange under the historical LEA stock symbol. It will begin trading on a "when issued" basis on Monday, with shares to begin "regular way" trading within several days, Lear said.
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