A group of lenders to Shandong-based textile giant Ruyi Group has taken over Lycra.
Ruyi purchased Lycra for $2.6 billion from Koch Industries in January 2019 on a loan of about $1 billion. But Ruyi has been unable to repay the Lycra loan since May 2019. In February this year, Ruyi defaulted on a loan used to buy Lycra. Creditors for the debt-laden company started seeking control of the stretchy fabric-maker.
In June 2020, Ruyi Group lost its key backer, the state-owned Jining City Urban Construction [Investment] Co. Ltd., which then promised Ruyi Group a 3.5 billion renminbi, or $495 million, investment. This led to worsening financial difficulties for the Shandong group. Faced with mounting debt, Ruyi has seen its credit rating downgraded several times by Moody’s.
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