Credit Event

Lear Corporation

On July 6, 2009 the Credit Derivatives Determinations Committee for the Americas resolved that a Failure to Pay Credit Event occurred in respect of Lear Corporation and on the same day resolved that an auction would be held. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for Lear Corporation.

Further documentation relating to the auction will be added as it becomes available

Event Publicly Available Information:

On 1 June, Lear announced that it did not make $38m of required interest payments on its 8.5% and 8.75% notes. The indenture provides for a 30 day grace period. On 2 July, Lear announced plans to pursue a debt restructuring under Chapter 11. In the release, Lear states that it expects to be in default under the notes. Press release announcing missed interest payment: http://lear.mediaroom.com/index.php?s=press_releases&item=245 Press release announcing planned restructuring: http://lear.mediaroom.com/index.php?s=press_releases&item=246

Auction Timeline: ISDA Credit Event Timeline
List of Participating Bidders: List of Participating Bidders
Deliverable Obligations: Final List Submission of Potential Deliverable Obligations and Challenges
Final Auction Terms: Lear Corporation Auction Settlement Terms
Blackline Auction Terms: Blackline against Six Flags Form of Auction Settlement Terms
Frequently Asked Questions: Lear Corporation FAQs
Press Release: ISDA to Publish Auction Terms for Lear Corporation