The company will move toward long-term growth with a stronger financial foundation, operational excellence, and sustained customer-centric innovation
Completion of restructuring will significantly enhance financial flexibility and substantially reduce debt levels
New shareholders and board are committed to driving the company into its next phase of development
Bruce Rubin appointed Executive Chairman, Dean Williams appointed Interim Chief Executive Officer
WILMINGTON, Delaware, May 21, 2026 /PRNewswire/ — The LYCRA Company (hereinafter referred to as the “Company”), a global leader in fiber and technology solutions for the apparel and personal care industries, today announced that it has successfully completed a comprehensive financial restructuring and formally exited Chapter 11 bankruptcy protection on May 20, 2026.
Through this restructuring, the Company has established a stronger and more sustainable capital structure that will support the implementation of its growth strategy, including increased investment in innovation, deeper customer collaboration, and enhanced global operations. Following the restructuring, the Company has significantly improved financial flexibility and further optimized its balance sheet, laying the foundation for long-term development. The Company’s total long-term debt is expected to be reduced by more than $1.2 billion, and it will receive over $75 million in new capital infusion. Throughout the restructuring process, the Company maintained continuous and stable business operations, fulfilling all commitments to employees, customers, and partners.
Upon completion of the restructuring, the Company will be supported by new shareholders. These shareholders are globally positioned investment funds with long-standing holdings of the Company’s related debt and equity interests, possessing deep industry experience and a commitment to the ongoing development of the Company, its products, and its brands. Building on the solid foundation established during the restructuring process, the new shareholders will continue to support the Company in achieving future growth.
The Company’s Chief Financial Officer, Dean Williams, has been appointed Interim Chief Executive Officer, assuming responsibilities until a permanent CEO is identified. Mr. Williams has served the Company for over seven years since its inception and brings extensive experience in financial management, strategic planning, and operational leadership, providing strong guidance for the Company’s next phase of development. The Company’s former Chief Executive Officer, Gary Smith, has stepped down and left the Company.
The Company also announced the formation of a new board of directors, with Bruce Rubin appointed as Executive Chairman. Mr. Rubin brings over 45 years of management experience in the energy and chemical sectors. He stated: “Building on a solid foundation, The LYCRA Company is well-positioned to further enhance operational efficiency, accelerate innovation, deepen customer partnerships, and continue investing in high-quality products. We look forward to driving the sustained growth of the Company’s widely trusted brands. We also thank Gary and the previous board for their steady leadership during a critical period for the Company.”
The Company’s existing management team will remain stable and will work closely with Mr. Williams and key stakeholders to accelerate the Company’s future development.
Interim Chief Executive Officer Dean Williams said: “The successful restructuring is a significant milestone for The LYCRA Company. The Company will achieve sustained growth with a stronger financial position and clearer strategic focus. Completing this restructuring would not have been possible without the resilience, dedication, and commitment to customers demonstrated by all employees, which enabled the Company to maintain stable operations throughout the process. While there is still room for improvement, the Company has never been better positioned to achieve greater development.”
During the restructuring process, the Company engaged Linklaters LLP and Haynes Boone, LLP as legal counsel, Houlihan Lokey as investment banking advisor, and FTI Consulting as financial and communications advisor.
About The LYCRA Company
The LYCRA Company is dedicated to developing and manufacturing innovative fiber and technology solutions for the apparel and personal care industries, owning several well-known brands, including: LYCRA®, LYCRA® HyFit®, LYCRA® T400®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX®, and TACTEL®. Headquartered in Wilmington, Delaware, USA, the Company is globally recognized for its sustainable products, technical expertise, and marketing capabilities. It is committed to creating greater value for customer products through continuous innovation, meeting consumer demands for comfort and lasting performance.
For more information, please visit: thelycracompany.com
Forward-Looking Statements
This press release contains statements that are not historical in nature and are considered “forward-looking statements.” Forward-looking statements express current expectations or forecasts of future events and do not constitute guarantees of future performance. Such statements can often be identified by the use of words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “estimate,” “potential,” “target,” “forecast,” “project,” “seek,” and variations thereof, or words such as “may,” “should,” and similar expressions. Statements describing the Company’s future plans, objectives, or goals are also forward-looking statements, reflecting the Company’s current views of future events and subject to assumptions, risks, and uncertainties that could cause actual results to differ materially. Although the Company believes these forward-looking statements are based on reasonable assumptions regarding economic, business, and key performance indicators affecting the Company, such forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law or regulations, the Company undertakes no obligation to update these forward-looking statements to reflect future events or circumstances or the occurrence of unanticipated events. You should carefully consider these factors when evaluating forward-looking statements and be cautious not to place undue reliance on such statements.