Fashion group Shandong Ruyi's creditors seek control of Lycra

Creditors of debt-laden fashion conglomerate Shandong Ruyi Technology Group will seek control of Lycra after Ruyi defaulted on a $400 million loan it took from them to buy the fibre maker.

A statement from the creditors on Monday said that Ruyi, known for its ambition to become the LVMH of China, has not been able to repay the Lycra loan since May 2019.

The lenders include Hong Kong-based China Everbright Limited and Tor Investment Management, along with Seoul-based private equity firm Lindeman Partners and its affiliate Lindeman Asia.