Getting your player ready...
NEW YORK — Lear Corp., a maker of automotive seats and interior electronics, is working on a prepackaged bankruptcy five days before it must make a $38 million interest payment on two of its bonds, according to several people familiar with the situation.
If the prepackaged-bankruptcy deal falls apart, Lear could file for a traditional- style bankruptcy next week, the people said. The company has also lined up debtor- in-possession financing with its lenders, including JPMorgan Chase & Co.
