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Luckin Coffee Wins U.S. Approval for $460m Debt Restructuring

Dec. 16, 2021, 5:22 PM

Luckin Coffee Inc.’s debt restructuring plan won recognition from a federal judge in Manhattan, which means the arrangement, developed in a court in the Cayman Islands, can be implemented in the U.S.

  • Noteholders owed $460 million will get $320 million in cash and new debt, according to court documents
    • The plan also settles many of the lawsuits filed by shareholders after Luckin was accused of intentionally fabricating more than $300 million in sales, mostly in China, where it is based
    • Company officials continue to fight some of the shareholder lawsuits
  • Last year, creditors filed a bankruptcy petition against Luckin ...