U.S. fiber maker Lycra has gained new ownership, with creditors of its former parent company Shandong Ruyi Technology Group taking full equity control after the Chinese fashion conglomerate defaulted on a $400 million loan.
"We have implemented swiftly the proactive steps required to protect and strengthen the future of The LYCRA Company and to insulate the Company fully from its former shareholder's financial distress," the new owners said in a statement.
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