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Creditors of fashion group Shandong Ruyi take full control of Lycra

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The company logo of China Everbright Limited is displayed during a news conference on the company’s annual results in Hong Kong, China March 23, 2016. REUTERS/Bobby Yip

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June 29 (Reuters) – The U.S. maker of Lycra fibers has acquired new ownership, with creditors of its former parent company Shandong Ruyi Technology Group (Ruyi) (002193.SZ) taking full control of the shares after the Chinese conglomerate of the fashion defaulted on a $400 million loan.

The new owners are Hong Kong-based China Everbright Ltd (0165.HK), Tor Investment Management and Seoul-based private equity firm Lindeman Partners and its subsidiary Lindeman Asia (277070.KQ).

“We quickly implemented the proactive measures necessary to protect and strengthen the future of LYCRA as a company and to completely insulate the company from the financial difficulties of its former shareholder,” the new owners said in a statement.

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Lycra CEO Julien Born said in a separate statement: “The new ownership structure provides the necessary support from experienced professionals who share our long-term vision.”

Representatives for Ruyi did not immediately respond to a request for comment.

Ruyi bought control of Lycra from US conglomerate Koch Industries for $2.6 billion in 2019, borrowing around $1 billion for the deal.

The Chinese fashion firm set out to create a global luxury clothing empire, embarking on a buying spree that included London tailor Aquascutum, Paris fashion house Cerruti 1881 and fashion group SMCP.

But the conglomerate has struggled under the weight of its debt and its financial difficulties have worsened with the COVID-19 pandemic. Read more

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Reporting by Akriti Sharma in Bengaluru; Editing by Edwina Gibbs

Our standards: The Thomson Reuters Trust Principles.

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