Lear Corp., which makes seating and electrical equipment for vehicles, filed for Chapter 11 bankruptcy protection on Tuesday along with its many U.S. and Canadian subsidiaries after winning the necessary support from its lenders.

The slump in global auto sales has yet another victim – the Southfield, Michigan-based car parts’ maker, Lear Corp.! The company said on Wednesday that it intends filing for Chapter 11 bankruptcy for its US and Canadian units, as well as restructuring its debt under court supervision.