Lear reorganization plan overwhelmingly approved by voting creditors

By Caroline Salls

Pittsburgh, Oct. 30 - Lear Corp.'s plan of reorganization was unanimously accepted by two of three classes of voting creditors, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, all 148 holders of $1.171 billion in pre-bankruptcy credit agreement secured claims and all 33 holders of $491,629 in convenience claims voted to accept the plan.

In addition, 497 holders, or 96.88% in number, of $1.651 billion, or 99.97% in amount, of general unsecured claims voted to accept the plan, while 16 holders, or 3.12% in number, of $576,053, or 0.03% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Nov. 5.

Lear, a Southfield, Mich.-based automotive parts supplier, filed for bankruptcy on July 7. Its Chapter 11 case number is 09-14326.

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