July 1 (Reuters) - Lear Corp:
* Reaches agreement in principle on consensual debt restructuring
* Says anticipates implementing restructuring through an expedited chapter 11
plan process
* Says obtains $500 million dip financing that will convert to exit financing
upon lear's exit from chapter 11
* Says agreement in principle provides that, its trade creditors will be paid
in full
* Says its subsidiaries outside the U.S. and Canada would not be part of the
bankruptcy filing
* Says anticipates being in default under its 8.50% senior notes due in 2013
and 8.75% senior notes due in 2016
* Says global operations to continue without disruption
* Says has not made principal and interest payments due under its senior credit
facility on June 30th
* Says received commitments from syndicate led by JPMorgan and Citigroup for
dip financing
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Reaches agreement in principle on consensual debt restructuring
* Says anticipates implementing restructuring through an expedited chapter 11
plan process
* Says obtains $500 million dip financing that will convert to exit financing
upon lear's exit from chapter 11
* Says agreement in principle provides that, its trade creditors will be paid
in full
* Says its subsidiaries outside the U.S. and Canada would not be part of the
bankruptcy filing
* Says anticipates being in default under its 8.50% senior notes due in 2013
and 8.75% senior notes due in 2016
* Says global operations to continue without disruption
* Says has not made principal and interest payments due under its senior credit
facility on June 30th
* Says received commitments from syndicate led by JPMorgan and Citigroup for
dip financing
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.