Auto Shakeout Spreads
Auto parts maker Lear Corp., weighed down by a heavy debt of $3.6 billion and a sharp decline in automobile demand, filed for Chapter 11 bankruptcy on Tuesday as it goes to court to to finalize a viable plan with creditors to re-emerge. The filing comes just more than a month since the biggest U.S. automaker, GM filed for bankruptcy.
Boeing buys plant to speed up 787 program
Boeing Co. said it will buy a fuselage maker for $580 million after announcing another delay late last month to its 787 Dreamliner jet, which has already been delayed by two years. The South Carolina facility is owned by Vourght Aircraft industries and is expected to close in the third quarter.
GM seeks to turn away 38 dealers
General Motors Corp. is seeking bankruptcy court approval to reject agreements with 38 dealers which did not accept agreements to wind-down their businesses, Bloomberg reported, citing a motion filed Monday evening.