Automotive dominoes: As goes GM, so goes Lear ...

On Wednesday, Lear Corp. (LEA) announced that it has filed for Chapter 11. This bankruptcy is supported by key lenders and bondholders; Lear has secured $500 million in debtor-in-possession financing from its creditors, including JP Morgan Chase and Citigroup.

Lear, a Fortune 500 company that supplies auto seats, car interiors and electrical components, is the 11th largest global parts supplier and the second largest automotive seat manufacturer. It is also the most recent of an estimated twenty auto parts suppliers who have had to apply for bankruptcy protection in the last year.