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Lear Corporation said on July 1 that it has reached an agreement with its lenders for a consensual debt restructuring and plans to file for Chapter 11.

In February 2007, Carl Icahn bid $36 a share for Lear, later raising the offer to $37.25. The largest shareholder, Pzena Investment Management, said the company was worth as much as $60 a share. Pzena is still the company’s largest shareholder.

Some shareholders tried in court to block the vote on the deal, claiming that Robert Rossiter, the company's chief executive, was hiding material economic interests. A Delaware court gave the go-ahead for the vote, but said that Lear must tell shareholders about Rossiter's relationship with Icahn.

Shareholders ultimately voted down the deal in July 2007. "I hope this sends the message to management that this is a dangerous game to play, any time management wants to team up with one shareholder at the expense of others," Richard Pzena told Bloomberg after the vote.

"There is an optimism out there by the shareholders that the tough times are all behind us," Rossiter said at the time. "I hope they are right, believe me, but I really think there are some bumps in the road ahead."

Lear's shares closed at $0.48 apiece on July 1.

• Lear announcement 

17 Jul 2007 -

I-cahn't

1 May 2007 -

Qantas's unwise holdouts