SOUTHFIELD, Mich. -- Lear Corp. has reached an agreement with its lenders for an amendment and waiver to its primary credit facility.

On Jan. 6, Lear said it was seeking an amendment and waiver under its primary credit facility in light of financial covenant defaults and adverse current and longer-term industry conditions. Since then, the company has been in active discussions with lenders under its primary credit facility. Today's agreement provides, through May 15, a waiver of Lear's existing defaults under its primary credit facility and an amendment of the financial covenants and certain other provisions of the primary credit facility.

Lear said it remains in active discussions with lenders regarding further modifications to its primary credit facility in light of existing and projected industry conditions.

"Despite the challenging conditions we are facing, we continue to have a strong liquidity position and we remain focused on maintaining operational excellence globally," said Bob Rossiter, Lear's chairman, chief executive officer and president. "We appreciate the support and cooperation we have received from our supplier partners, our customers and our lenders as we work together through the industry downturn."