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Luckin Coffee foreign representatives provide update on proceedings
By Sarah Lizee
Olympia, Wash., Nov. 5 – Luckin Coffee Inc.’s foreign representatives, Alexander Lawson of Alvarez & Marsal Cayman Islands Ltd. and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Ltd., gave an update on the company’s proceedings in the Grand Court of the Cayman Islands in a statement filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.
On Oct. 26, the Cayman court entered an order directing that a meeting of Luckin’s creditors be convened for the purposes of considering and, if thought fit, approving the company’s proposed scheme of arrangement. The meeting is scheduled for Nov. 30.
Starting in February 2020, a series of lawsuits alleging that Luckin and other defendants had violated U.S. securities laws were filed. While the parties originally contemplated that there might be a second scheme with respect to the class action and other pending litigation, ultimately the debtor negotiated a stipulation and settlement with the lead plaintiffs in the class action which would resolve the class action in its entirety.
The foreign representatives sought the Cayman court’s sanction of the class action settlement, and on Oct. 21, the Cayman court entered an order approving the class action settlement. On Oct. 26, the district court entered an order preliminarily approving the class action settlement and scheduling a hearing on the class action settlement for July 22, 2022.
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.
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