The Lycra Company to exit Chapter 11 with new leadership

The Lycra Company has announced it will complete its financial restructuring process and emerge from Chapter 11 protection on May 20, supported by a new ownership structure, reduced debt and changes to its leadership team.

The US-based company said the restructuring will reduce its long-term debt by more than 1.2 billion dollars and provide over 75 million dollars in new investment, strengthening its balance sheet and improving financial flexibility for future growth.

The business, which supplies fibre and technology solutions to the apparel and personal care sectors, said operations have continued without disruption throughout the restructuring process.

As part of the changes, Dean Williams has been appointed interim chief executive officer, replacing former CEO Gary Smith. Williams had been serving as chief financial officer and has been with the company since its formation.

The company has also appointed a new board of directors led by executive chairman, Bruce Rubin, who said in a statement: “With a strong foundation in place, The Lycra Company will be well-positioned to enhance operational excellence, accelerate innovation, deepen customer partnerships, and reinvest in our high-quality products.”

Williams added: “Emergence marks a defining moment for The Lycra Company. We will now be a financially stronger, more focused organisation that is positioned for growth.”

The company said the restructuring positions it to continue investing in innovation, customer partnerships and global operations across its portfolio of textile technology brands.