GM / Vauxhall Car Part and Ford Car Part supplier Lear Corporation has filed for bankruptcy protection today, as detailed by the Huffington Post. Lear follows Visteon as the second major car parts supplier to go into bankruptcy this year, Visteon filed theirs in May.
Car parts suppliers have been hammered by the economic downturn as consumers continue to avoid new car purchases, and car makers have slashed production. Lear has been particularly hard hit by the slump, with 36 percent of its sales coming from North America and 49 percent coming from Europe.
Lear, which posted $13.6 billion in sales for 2008, is a key car parts supplier for both General Motors and Ford, they are the company's two largest customers and account for a combined 40 percent of its sales. Lear was expected to become bankrupt after missing an interest payment on its' bond debt last week. Based in Southfield, Michigan, the company listed $1.27 billion in assets, and $4.54.billion in liabilities.
