A top executive at Lear Corp. (LEA) said Thursday that the auto parts supplier didn't expect a working capital crunch in the fall despite further production cuts by U.S. manufacturers.

Matthew Simoncini, chief financial officer, also said the U.S. company had been approached by a potential lender as it seeks to restructure its balance sheet.

The auto interiors specialist is battling a 36% fall in global vehicle sales during the first quarter, and counts on General Motors Corp. (GM) for 20% of sales.

GM and Chrysler, both surviving on U.S. government loans, are trimming production further over the summer.

"Our exposure with Chrysler and GM is very manageable," said Simoncini on a conference call after Lear reported a first-quarter net loss of $264.8 million following a 44% slide in revenue to $2.17 billion.

"We have anticipated it [and] we've run the models," he added, noting that while it may burn some working capital in the third quarter, cash burn is expected to improve sequentially through the year.

Lear is owed $75 million to $100 million in receivables at any given time, noted the executive. It is participating in the U.S. government guarantee programs for auto suppliers being managed by GM and Chrysler.

-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com