Monday Marks Bankruptcy Exit for Lear

Alisa Priddle / The Detroit News

Lear Corp. is poised to emerge from bankruptcy protection Monday now that the New York bankruptcy court today confirmed the Southfield-based supplier's reorganization plan.

The approval clears the path for Lear operations in the U.S. and Canada to exit Chapter 11 after four months of protection with less debt and more than $1 billion in cash, Chairman Bob Rossiter said in a release.

The supplier of seats, electrical systems and electronics expects the reorganization plan to become effective Monday, once all closing conditions have been met.

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