Chinese Textile Firm Ruyi Loses Control of Lycra to Lenders

Lenders to a unit of Shandong Ruyi Group have taken over Lycra Co., the maker of form-fitting elastic material used in yoga pants and stretchy jeans, after its former owner defaulted on a credit facility.

China Everbright Limited, Lindeman Asia, Lindeman Partners Asset Management and Tor Investment Management have concluded the enforcement and restructuring process they started in February and have gained full control of the company, the firms said in a statement Wednesday.

A spokesperson for Shandong Ruyi did not reply to a request for comment.

Ruyi Textile and Fashion International Group Limited, until recently the ...