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

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

The LYCRA Company was supported by new equity owners. The new owners were investment funds with a global presence that had been long-term investors in the Company’s securities. Collectively, they brought deep experience and commitment to the Company, its products, and its brands, and were 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, was appointed interim Chief Executive Officer. Mr. Williams served in an interim capacity while a search was conducted for a permanent CEO. Mr. Williams had been with the Company since its formation over seven years ago and had 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, stepped down and separated from the Company.

The Company 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 remained in place and continued to partner closely with Dean and other key stakeholders to accelerate the Company’s path forward.

“Emergence marked a defining moment for The LYCRA Company,” said Dean Williams, Interim Chief Executive Officer. “We are now 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 was 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.