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A logo is seen at a Luckin Coffee store in Beijing, China July 17, 2018. Picture taken July 17, 2018. REUTERS/Jason Lee

Davis Polk & Wardwell and Harneys have advised Luckin Coffee on the completion of its planned debt restructuring, which ends the cross-border bankruptcy proceedings under Chapter 15 of Title 11 of the U.S. Code.

According to reports on Sina.com, the plan included a $460 million senior note with holders receiving a total of $320 million in cash plus new bonds after the restructuring, as well as a $175 million settlement of a U.S. Federal Class Action commenced by certain purchasers of the company’s NASDAQ listed American Depositary Receipts. With the plan completed, Luckin has ended its bankruptcy protection process as a debtor.

Founded in 2017, the Xiamen-based Luckin had positioned itself as a homegrown challenger to U.S. coffee giant Starbucks, reported Reuters, but the much-hyped company almost collapsed in 2020 after findings that about 2.2 billion yuan ($337.31 million) in 2019 sales was fabricated.

The Harneys team was led by partners Chai Ridgers and Nick Hoffman, who were supported by partners Jayson Wood, Paul Sephton, Raymond Ng.

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