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Let's review what's going on here: This is a Model T. It's powered by a Boeing T50/Model 502 gas turbine, the same thing the government once put in helicopters and anti-submarine drones. Now you can buy it on eBay. Gah! More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=5485715&view=rss&microfeed=true Lear becomes latest auto supplier to file for Chapter 11 Carpocalypse bankruptcy protection. [NYT] More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=5309030&view=rss&microfeed=true Lear shareholder reject Icahn deal. [CNNMoney] More »
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Some people call them "ol' and busted," few if any are much nicer than that. But none exude the same type of sickeningly sweet confidence Wilbur Ross exudes out of his every pore when he speaks about US auto suppliers — and he can, cause the man's brought back to profitability everything from steel companies to dead-and-buried textile suppliers. Ross recently entered the auto supplier game — snatching up at fire-sale prices Collins & Aikman's plastic unit and Lear's interior division in Europe. In addition, he's playin' the "wanna dance" shuffle with their U.S. divisions. So even if you don't buy his theory on profitability, there's one thing that's clear — the man's got a lotta money and wants to spend it in the US auto industry — ignore him, and well — it'll probably suck. More »
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It's not like there has been a heckuva lot of good news on the supplier front, so when we see the headline of a story and it has the words "Lear", "suspends" and "dividends", we naturally kick our brains into "here we go again" mode. Luckily, we can set that feeling aside, cause this is one of those bright and shiny happy stories. We here at Jalopnik crave auto supplier bright and shiny happy stories. Especially because we so rarely see bright and shiny happy stories. This, luckily for Lear, is one. Basically, what's happened is Lear has been the subject of questions recently as to the liquidity of their operations. Lear set aside those concerns today after cutting their dividend payments on stock shares as well as receipt of approval on $800 million in loans to help refinance debt maturities a little early. And if there's one thing we at Jalopnik love more than bright and shiny happy stories, it's bright and shiny happy stories on debt maturities. More »
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