US textile fiber supplier The Lycra Company has officially completed its financial restructuring process. The company exited bankruptcy protection under Chapter 11 of the US Bankruptcy Code on May 20, 2026. This announcement marks a significant step for the Delaware-based company.
The company says it has created a robust capital structure. The restructuring is supported by new, globally active shareholders and is accompanied by an adjusted financial balance sheet for the company. Total long-term debt was reduced by more than $1.2 billion. The company also received more than $75 million in new investments. Business operations were maintained without interruption throughout the entire process, allowing the company to meet its obligations to its employees, customers and suppliers.
This new chapter brings major changes in corporate governance. The previous Chief Executive Officer (CEO), Gary Smith, has resigned from his positions and left the company. The management team was reorganized. Dean Williams, the company’s chief financial officer since its inception more than seven years ago, has been named interim CEO. Bruce Rubin, an executive with 45 years of experience in the energy and chemicals industries, will assume the role of Executive Chairman on the new board.
“The new beginning marks a pivotal moment for The Lycra Company,” Dean Williams said in a statement. Williams added the company is now financially stronger, more focused and positioned for growth.
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