# Lenders take over Lycra from Shandong Ruyi after default

A group of lenders including Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management and China Everbright Ltd. have taken over American textile fiber manufacturer Lycra from Shandong Ruyi Group after Ruyi defaulted on a $400 million loan.

- Type: Acquisition
- Announced: 2022-06-30
- Where: United States
- Status: completed
- Products: spandex fibers, Lycra
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [Shandong Ruyi Group](https://endata.com/companies/27920.md) (acquirer)
- [The LYCRA Company](https://endata.com/companies/37024.md) (target)
- [Lindeman Asia](https://endata.com/companies/63797.md) (investor)
- [Lindeman Partners Asset Management](https://endata.com/companies/63798.md) (investor)
- [Tor Investment Management](https://endata.com/companies/63799.md) (investor)
- [China Everbright Ltd.](https://endata.com/companies/63800.md) (investor)

## Sources

- [wwd.com](https://wwd.com/business-news/mergers-acquisitions/shandong-ruyi-china-sell-lycra-creditors-1235238467/), 2022-06-30: "A group of lenders to the debt-laden Shandong-based textile giant Ruyi Group has taken over American textile fiber manufacturer Lycra, after Ruyi defaulted on a $400 million loan."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.