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FTI Consulting handles the Chapter 11 filing of The Lycra Company, producer of fibers for the apparel and personal care industries.
The move will eliminate $1.2B in long-term debt from the balance sheet of the Wilmington, DE-based company and position it for long-term financial stability and growth.
The Lycra Company has obtained commitments for $75 million in debtor-in-possession financing and more than $75 million in exit financing, which will refinance the DIP Financing to provide the company with capital upon completion of the Chapter 11 process.
CEO Gary Smith said the restructuring is a “decisive action to meaningfully reduce our debt and strengthen our financial foundation.”
The company owns the leading consumer brands: Lycra, Lycra HyFit, Lycra T40, Coolmax, Thermolite, Elaspan, Supplex and Tactel.
Smith said Lycra’s products have long been a symbol of quality, delivering benefits like lasting comfort, fit, and performance across a wide variety of apparel and personal care applications.”
The Lycra Company has about 2,000 workers and eight manufacturing plants.
FTI Consulting’s Rachel Chesley and Misha Ross are working the Chapter 11 filing.
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