UPDATE 4-U.S. car parts maker Lear Corp files for bankruptcy
* Restructuring plan wins support of majority of creditors
* Expects to submit plan to bankruptcy court within 60 days
* Subsidiaries outside U.S. and Canada not part of filing
* U.S. judge OKs use of cash collateral (Adds details from first-day hearing, bankruptcy loan, and comments from Lear lawyers)
NEW YORK, July 7 (Reuters) - U.S. auto parts maker Lear Corp LEAR.PK filed for Chapter 11 bankruptcy protection on Tuesday, a day after setting out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors.
The filing represents the largest in a string of recent failures of auto parts suppliers and highlights the pressure on the sector from sharply curtailed production and bankruptcies at automakers General Motors Corp and Chrysler.
Lear said in a statement that the restructuring had won the support of the majority of its creditors and that it expected to submit the proposals to the court within 60 days.
Later in the day, Lear won court approval to use its cash to meet day-to-day obligations, including wages and taxes.
Under plans set out on Monday, Lear would convert $3.6 billion of debt into a combination of new debt, convertible stock and equity warrants. Continued...
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