Lycra seeks to hire Linklaters as counsel for Chapter 11 bankruptcy protection

11 articles · Updated · The Wall Street Journal · Apr 24

Lycra filed a request on April 6 in the U.S. Bankruptcy Court in Houston to retain Linklaters, assigning Michael H. Torkin as principal, with partner hourly rates of $1,830–$2,340.
Linklaters will provide legal services for Lycra’s Chapter 11 case, with compensation rates also set for counsel, associates, and paralegals.
Lycra, a major spandex manufacturer, filed for Chapter 11 bankruptcy protection on March 17 as it seeks to restructure its operations.

With legal fees up to $2,340/hour, is this restructuring for Lycra's future or its lawyers?

How did a legendary American brand like Lycra end up in bankruptcy after its Chinese acquisition?

Will Lycra's restructuring set a precedent for other global brands struggling with post-pandemic debt?

Can a 45-day bankruptcy truly fix years of debt from Lycra's troubled acquisition?

What does Linklaters' major US expansion signal about the future of corporate restructuring?