The sustainable fiber maker reduces long-term debt by over $1.2bn and raises $75m in new capital as part of its financial overhaul.
The Lycra Company completed a financial restructuring, slashing over $1.2bn in long-term debt and injecting more than $75m in new capital. The move follows a March agreement with creditors to strengthen its balance sheet without disrupting operations or commitments to stakeholders.
Prior to the restructuring, Lycra had faced long-term financial obligations that prompted negotiations with creditors. The company maintained operations throughout the process, ensuring continuity for employees, customers, and vendors.
Ownership has shifted to new equity investors with a global presence and a history of involvement in Lycra’s securities. The company also appointed Dean Williams, its former CFO, as interim CEO to lead its growth strategy.