The Lycra Co. Files For Ch. 11, Gets $75m DIP Commitment (1)

The Lycra Company has filed for Ch. 11 bankruptcy protection in the Southern district of Texas, according to a court filing.

• Estimated liabilities: $100m-$500m
• Estimated assets: $100m-$500m
• Entered a restructuring support agreement to eliminate about $1.2 billion of long-term debt, it says in a separate statement
  • Creditors backing are holders of senior secured term loan, 16.000% and 7.500% notes
• Co. expects to complete its financial restructuring and emerge from the Chapter 11 process within 45 days: statement
  • Has obtained commitments for $75 million in debtor-in-possession financing and more than $75 million in exit financing
  • Says customers, suppliers and employees will ...