Auto parts maker Lear Corp. says it has emerged from bankruptcy protection with a healthier balance sheet and a backlog of new business.

Lear, which makes automotive seating and electronics, says it cut its debt by $2.8 billion during its four-month stay in bankruptcy.

The Southfield, Mich.-based company says that despite the global automotive downturn, it has lined up $1.4 billion in new business through 2012. Lear says more of that business is outside North America and is in higher-margin electronics.

Lear also says it has $1 billion in cash.

Lear is issuing new shares Monday that are expected to begin regular trading in several days.