Lear becomes third auto parts maker to go bankrupt this past month


Talk about a depressing statistic: Lear Corp. (LEAR) today became the third major auto parts supplier to file for Chapter 11 bankruptcy in the past month.

The company's fall from grace is hardly shocking given the precarious state of the U.S. auto industry and the economy overall. Back in March, Lear said its auditors had raised concerns about its ability to remain a "going concern" and warned that it might have to seek protection from creditors even though it won an agreement that gave it extra time to restructure its balance sheet.