BEIJING, China — Luckin Coffee Inc. (the “Company”) (OTC:LKNCY) today commented on the first report (“Report”) provided by Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, who were appointed as the Joint Provisional Liquidators (“JPLs”) of the Company by the Grand Court of the Cayman Islands (the “Cayman Court”) on July 15, 2020.
The JPLs furnished the Report to the Cayman Court in order to provide an update on the progress of the Company’s restructuring.
The Company commented:
“We are pleased that, following an extensive review of the Company’s operations and financial position, the JPLs, in conjunction with the Company, have developed a detailed and viable restructuring proposal of the Company’s indebtedness, with a view to the restructuring being presented by way of one or more schemes of arrangements before the Cayman Islands court.
The proposal has been developed for the benefit of all stakeholders.”
A copy of the JPLs Report is available on the Company’s Investor Relations website (investor.luckincoffee.com).
