Luckin Coffee (LKNCY) Files Chapter 15 Bankruptcy
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
The Joint Provisional Liquidators of Luckin Coffee Inc. (OTC: LKNCY), Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1 and related relief.
The Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.
All Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.
______1 The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Hartford (HIG) Agrees To Settlement With The Boy Scouts Of America And Pre-announces Estimated First Quarter Prior Year Development And Catastrophe Losses
- AAR Corp. (AIR) Reports Election of Ellen M. Lord to Board
- Bausch Health Co. Inc. (BHC) Reports Brazilian Approval for VYZULTA
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Litigation
Related EntitiesBankruptcy, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!