The LYCRA Company to Successfully Complete Comprehensive Financial Restructuring

(BUSINESS WIRE)--The LYCRA Company, LLC (“the Company”), a global leader in developing fiber and technology solutions for the apparel and personal care industries, will successfully complete its comprehensive financial restructuring process and emerge from Chapter 11 protection on May 20, 2026.

The LYCRA Company has established a durable capital structure that will enable the Company’s pursuit of its growth strategy through investment in innovation, customer partnerships, and global operations. The Company will emerge from its comprehensive restructuring process with significantly enhanced financial flexibility and a strengthened balance sheet to support long-term growth. The Company will have reduced its total long-term debt by more than $1.2 billion and will obtain more than $75 million in new money investment. Throughout the process, the Company has maintained uninterrupted operations and continues to deliver on commitments to its employees, customers, and vendors.

The LYCRA Company will be supported by new equity owners. The new owners are investment funds with a global presence that have been long-term investors in the Company’s securities. Collectively, they bring deep experience and commitment to the Company, its products, and its brands, and are committed to building on the positive momentum of the restructuring process by investing in the Company’s future success.

Dean Williams, the Company’s Chief Financial Officer, has been appointed interim Chief Executive Officer. Mr. Williams will serve in an interim capacity while a search is conducted for a permanent CEO. Mr. Williams has been with the Company since its formation over seven years ago and has extensive experience in financial leadership, strategic planning, and operational management, positioning him very well to guide The LYCRA Company through this next phase. Gary Smith, the Company’s former Chief Executive Officer, has stepped down and separated from the Company.

The Company has also appointed a new Board of Directors, with Bruce Rubin, an experienced energy and chemicals executive with over 45 years of leadership experience, serving as Executive Chairman of the Board. Mr. Rubin stated, “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. We look forward to growing our distinct and trusted brands into the future. We would like to thank Gary and the departing Board for their steady leadership in guiding the Company through this pivotal period. The Board looks forward to working closely with Dean – an exceptional and trusted operational leader – as we position the Company for success.”

The rest of The LYCRA Company's executive leadership team remains in place and will continue to partner closely with Dean and other key stakeholders to accelerate the Company’s path forward.

“Emergence marks a defining moment for The LYCRA Company,” said Dean Williams, Interim Chief Executive Officer. “We will now be a financially stronger, more focused organization that is positioned for growth. This milestone would not have been possible without our team members, whose resilience, dedication, and commitment to our customers enabled us to navigate this process without disruption. While we still have work to do to reach our full potential, we have never been better positioned to do so.”

The LYCRA Company is advised in this matter by Linklaters LLP and Haynes Boone, LLP as legal counsel, Houlihan Lokey as investment banker, and FTI Consulting as financial and communications advisor.

About The LYCRA Company

The LYCRA Company innovates and produces fiber and technology solutions for the apparel and personal care industries and owns the leading consumer brands: LYCRA®, LYCRA HyFit®, LYCRA® T400®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX® and TACTEL®. Headquartered in Wilmington, Delaware, U.S., The LYCRA Company is recognized worldwide for its sustainable products, technical expertise, and marketing support. The LYCRA Company focuses on adding value to its customers’ products by developing unique innovations designed to meet the consumer’s need for comfort and lasting performance. Learn more at thelycracompany.com.

LYCRA® is a trademark of The LYCRA Company.

Forward-Looking Statements

This press release contains statements that are not historical information and are "forward-looking statements." Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. Statements can generally be identified as forward looking because they include words such as "believes," "anticipates," "expects," "intends," "plans," "will," "estimates," "potential," "target," "predict," "project," "seek," and variations thereof or "could," "should" or words of similar meaning. Statements that describe the Company's future plans, objectives or goals are also forward-looking statements, which reflect the current views of the Company with respect to future events and are subject to assumptions, risks and uncertainties that could cause actual results to differ materially. Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, the economy, its knowledge of its business, and key performance indicators that impact the Company, these forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260518617195/en/