NEW YORK (Reuters) - U.S. auto parts maker Lear Corp 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.
American Roads LLC, the privately owned operator of the international border crossing tunnel that links Detroit to Windsor, Ontario in Canada filed for bankruptcy on Thursday, citing reduced traffic.
The bankruptcy was not the result of last week’s petition for bankruptcy by Detroit, although the city’s problems contributed to the company’s difficulties, Neal Belitsky, American Roads’ chief executive, said in court documents.
Presenting default you can believe in, as the largest municipal bankruptcy in US history, involing the one-time iconic "motor city" which now has a population of 700,000 and some $20 billion in liabilities, is about to become reality. From the Detroit Free Press:
RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut US$465-million in debt and focus on North American operations as consumers shift from print to electronic media.
The company is the latest in a line of iconic businesses to have recently sought court protection from creditors, after Hostess Brands Inc., maker of Twinkies and Wonder Bread, and Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera.