According to reports, US-based Lear Corporation, said to be the world’s second biggest supplier of automotive seats, is likely to file for bankruptcy in the next few days.

The company warned bankruptcy was a possibility back in March as the automotive sector has been one of the worst affected industries by the global downturn.

The company is expected to make its intentions clear shortly after a waiver from lenders on its loan defaults expires on June 30.

Many of the seat covers produced by the company are made from leather.

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