This article only represents the author's own views.
Few things are more forgiving than Lycra, the stretchy material that can comfortably cover up just about anything. But the last few years have been anything but comfortable for Lycra Co., which manufactures a wide range of clothing made from the material.
Chinese textile conglomerate Ruyi Group (002193.SZ) bought Lycra in 2019, only to default on debt payments related to the purchase not long afterwards. That set off a wild chain of events that were only resolved last week when Ruyi lost control of the company to a group of private equity buyers, according to a Lycra announcement.
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