*Lear to file for bankruptcy supported by creditors

*Auto parts supplier obtains $500 million in DIP financing

*Operations outside U.S., Canada not affected (Adds detail on timing of planned filing, paragraph 5)

By Kevin Krolicki

DETROIT, July 1 (Reuters) - Auto seating supplier Lear Corp (LEA.N: Quote, Profile, Research) said on Wednesday it would file for Chapter 11 in a reorganization supported by key secured lenders and bondholders and had obtained $500 million in bankruptcy financing.

Lear, which had been in talks with its lenders over the past month, said its board had approved a bankruptcy filing as the "fastest and most effective way" to reduce debt in the face of slumping global auto production.

The planned bankruptcy filing by Lear represents the largest in a string of recent failures of auto parts suppliers and highlighted the pressure on the sector from sharply curtailed production and bankruptcies at automakers General Motors Corp GMGMQ.PK and Chrysler.

The Southfield, Michigan-based company said its restructuring plan had the support of most of the members of a committee representing its secured lenders and another group representing its bondholders.

Lear said it planned to file for bankruptcy shortly but did not specify a timeframe for the move.