Lear Corp. filed for bankruptcy protection Tuesday, and the maker of automotive seats and electronics will attempt to reorganize quickly and shed more than 70% of its debt.

The company's fate is being closely watched for possible effects on the global supply chain and as a test of lender sentiment in the auto sector.

Lear is among a handful of large seat suppliers, with more than two-thirds of its sales outside the U.S. Any disruptions in Lear's product flow would shut down auto-maker assembly plants around the world.

The Southfield, Mich., company listed $4.5 billion of debt and $1.3 billion of assets as of May 30, according to documents filed with the U.S. Bankruptcy Court in the Southern District of New York. Lear plans to submit its reorganization plan within the next 60 days.

The filing covers Lear's U.S. and Canada divisions, along with some of their subsidiaries. The majority of the company's overseas operations aren't included in the Chapter 11 filing.