Lear Corporation filed for Chapter 11 bankruptcy in 2009, a necessary step in order to get the $3.6B in debt it held at the time under control. Like now, Lear Corporation was heavily reliant on domestic automotive manufacturers like General Motors (NYSE:GM) (23% of 2009 sales), which went through its own bankruptcy during that period. Making matters worse, at the time Lear Corporation was more significantly exposed to larger vehicle types, like trucks and SUVs. Domestic automobile production fell by almost half from 2007-2009, with a harder hit on larger vehicles. The weight of the interest load on the company was just too high. Chapter 11 was quick, with creditors taking a share of the new stock issuance, along with warrants and convertible
