Nov. 9 (Bloomberg) -- Lear Corp., the second-largest maker of automotive seats, emerged from a four-month bankruptcy after reaching an agreement with lenders to convert $3.6 billion of debt to equity.

Lear exits with more than $1 billion in cash and less than that amount in debt, according to a statement today from the Southfield, Michigan-based company. The supplier said it has a sales backlog of $1.4 billion for 2010 through 2012, a 25 percent increase from its previous level.

Lear followed customers General Motors Corp. and Chrysler LLC into bankruptcy after automakers cut production because of a global sales slump. The supplier said its new shares will start trading today on a when-issued basis and will begin regular New York Stock Exchange trading “within several days.”

“We have streamlined our global cost footprint and improved our operating efficiency in every region of the world,” Chief Executive Officer Bob Rossiter said in the statement.

Lear maintained business with customers through the bankruptcy, the company said. GM was Lear’s largest customer last year, accounting for 23 percent of the supplier’s $13.6 billion in sales, followed by Ford Motor Co. at 19 percent, according to an annual report.

JPMorgan Chase & Co. is providing the company with $950 million in loans, according to court documents.

Lear filed for bankruptcy July 7 with an agreement to restructure its debt from most lenders already in hand and won support during the Chapter 11 from unsecured creditors for an altered version of the plan. U.S. Bankruptcy Judge Allan Gropper confirmed the reorganization Nov. 5, citing creditor support.

To contact the reporter on this story: Alex Ortolani in Southfield, Michigan, at aortolani1@bloomberg.net

Last Updated: November 9, 2009 10:00 EST