Lycra appoints Hua Du as CEO months after Chapter 11 exit

The Lycra Company has appointed Hua Du as its new chief executive officer, effective on Monday. The announcement comes almost six months after the company filed for Chapter 11 in March and exited two months later.

Du succeeds Dean Williams, who served as interim chief executive officer and will continue in his role as chief financial officer.

“With his extensive technical expertise, operational leadership, and global customer focus, we are confident that Hua has the experience and vision to help shape a successful future for the business. On behalf of the board, I would like to thank Dean Williams for his leadership as interim CEO during this period of transition,” Bruce Rubin, executive chairman of the company’s board of directors, said in a statement.

Du said he is "honored to join this exceptional organization as we unlock new opportunities for innovation and growth.”

The Lycra Company filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on March 17, implementing a restructuring support agreement reached with the overwhelming majority of its creditors to eliminate approximately 1.2 billion dollars of long-term debt. It emerged from Chapter 11 on 20 May, eliminating more than 1.2 billion dollars in long-term debt and securing more than 75 million dollars in new equity funding through a prepackaged reorganisation.