Lear (LEA, LEAWI) Trading on NYSE on a "When Issued" Basis After Emerging from Bankrupty
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Lear (NYSE: LEA) recently exited bankruptcy and the new common shares just started trading on the NYSE on a "when issued" basis under the symbol 'LEA WI' (NYSE: LEAWI).
Shares will begin "regular way" trading within several days under they symbol 'LEA.'
Lear said its present net sales backlog totals $1.4 billion for 2010 to 2012, which is approximately 25% higher than the prior status, despite lower industry production levels. The new backlog also represents continued diversification of Lear's sales, with 40% in its Seating business and 60% in its growing Electrical and Electronic business. Moreover, more than half of Lear's new business comes from outside North America.
As a result of the financial reorganization, Lear has reduced its debt obligations by approximately $2.8 billion and emerged with a strong and flexible balance sheet. With over $1 billion in cash, Lear has available liquidity to support its global operating needs and growth plans. Upon exit, Lear has less than $1 billion of debt at competitive interest rates and no near-term maturities.
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