The Lycra Company, an elastic textile fibre manufacturer, has fallen into the hands of creditors, according to a new ruling by an Amsterdam court.
Initially reported by Dutch publication, the Financial Daily, the creditors involved are hoping to sell Lycra for at least 450 million dollars.
The company was acquired by Chinese fashion firm Shandong Ruyi in 2019, which later ran into a number of issues and resulted in it no longer being able to meet financial obligations.
Via several lawsuits, creditors claimed a subsidiary of Lycra, with the hope that by selling the textile company again they will be able to get some of their assets back.
The creditors have almost 600 million dollars in credit.
It is unclear as of this moment what the consequences will be for Lycra employees.