| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for Luckin Coffee Inc. > News item |
Luckin Coffee’s scheme of arrangement approved by voting creditors
By Sarah Lizee
Olympia, Wash., Dec. 1 – Luckin Coffee Inc.’s creditors have voted unanimously to approve the company’s previously announced scheme of arrangement proposed in relation to the restructuring of its $460 million 0.75% convertible senior notes due 2025, according to a press release.
A meeting was attended by 56 scheme creditors representing about 97.7% in total outstanding principal amount of the existing notes. As such, the scheme has been approved by the requisite majority of scheme creditors.
Luckin Coffee had filed a summons for directions and petition seeking sanction of the scheme in the Cayman Islands court on Sept. 20. The scheme was proposed by Luckin Coffee and its joint provisional liquidators.
“While this development represents another important step in the company’s continued restructuring process, the overwhelming support from our creditors serves as a testament to the progress our refreshed board of directors and leadership team have achieved and the positive momentum we have generated,” Dr. Jinyi Guo, chairman and chief executive officer of Luckin Coffee, said in the release.
A hearing on the company’s petition for sanction of the scheme by the Cayman court will take place on Dec. 13. All scheme creditors are entitled to attend and be heard at the hearing.
Luckin Coffee is advised by Davis Polk & Wardwell LLP as legal counsel, Harney Westwood & Riegels as Cayman Islands legal counsel and Houlihan Lokey as financial adviser.
The coffee chain is based in Beijing. The company filed Chapter 15 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on Feb. 5, 2021 under case number 21-10228.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.