Operations

Luckin Coffee concludes provisional liquidation

Image courtesy of Luckin Coffee.

March 7, 2022

Luckin Coffee Inc., a pioneer in coffee vending and a competitor to Starbucks in China which entered into a restructuring support agreement with shareholders, announced that pursuant to an order of the Grand Court of the Cayman Islands, the joint provisional liquidators have been discharged, bringing the company's provisional liquidation to a successful close, according to a press release.

On Friday, the joint provisional liquidators filed a final report with the bankruptcy court and requested the entry of an order to close the Chapter 15 case.

"The successful completion of the provisional liquidation is yet another positive step for Luckin Coffee, and has allowed us to significantly reduce our debt burden and improve the company's capital structure," Dr. Jinyi Guo, chairman and CEO, said in the press release.