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Luckin Coffee Creditors Approve Scheme of Arrangement

Scheme Related to Restructuring of Convertible Senior Notes Due 2025

Participating Creditors Vote Unanimously in Favor of the Scheme

BEIJING, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (“Luckin Coffee” or the “Company) (OTC: LKNCY) announced that a meeting was held yesterday in Grand Cayman, Cayman Islands regarding the previously announced scheme of arrangement (the “Scheme”) proposed in relation to the restructuring of its $460 million 0.75% Convertible Senior Notes due 2025 (“Existing Notes”). The meeting was convened for the purpose of allowing the Company’s class of creditors affected by the Scheme (the “Scheme Creditors”) to consider and, if thought fit, approve, with or without modification, the Scheme.

The Company is pleased to announce that at the meeting held at 10:00 a.m. (Cayman Islands time) on November 30, 2021, Scheme Creditors present and voting at the meeting (in person or by proxy) voted unanimously to approve the Scheme, with no votes cast against the Scheme. The meeting was attended by fifty-six Scheme Creditors representing approximately 97.7% in aggregate outstanding principal amount of the Existing Notes. Accordingly, the Scheme has been approved by the requisite majority of Scheme Creditors.

As previously announced, Luckin Coffee filed a summons for directions and petition seeking sanction of the Scheme in the Grand Court of the Cayman Islands (the “Cayman Court”) on September 20, 2021. The Scheme was proposed by Luckin Coffee and its Joint Provisional Liquidators.1

Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee, said, “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. We thank our creditors for their support throughout this process. Our team at Luckin Coffee remains focused on the execution of our strategy, delivering sustainable growth and profitability, while providing outstanding products and services to our customers and meaningful value for our shareholders.”

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Nachrichtenquelle: globenewswire
01.12.2021, 14:00  |  101   |   |   

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Luckin Coffee Creditors Approve Scheme of Arrangement Scheme Related to Restructuring of Convertible Senior Notes Due 2025 Participating Creditors Vote Unanimously in Favor of the Scheme BEIJING, Dec. 01, 2021 (GLOBE NEWSWIRE) - Luckin Coffee Inc. (in Provisional Liquidation) (“Luckin Coffee” or …

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