Auto Parts Maker Lear in Chapter 11

MANHATTAN (CN) - Auto parts maker Lear Corp. filed for Chapter 11 bankruptcy Tuesday, declaring $1.3 billion in assets and $4.5 billion in debts - the latest auto industry giant whacked by the nation's financial crisis. The Southfield, Mich.-based business - whose sales to GM and Ford accounted for 40 percent of its business - said it will keep operating while it reorganizes.

Lear's top creditor is the Bank of New York Mellon, which it owes $1.3 billion. Dozens of subsidiaries were included in the federal bankruptcy filing.

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