Original title: Ruixing Coffee Bankruptcy Protection Procedures End

　　Beijing News (Reporter Wang Ziyang) On the evening of April 11, Ruixing Coffee announced that the company has successfully completed its debt restructuring. With the support of creditors, the company officially ended the bankruptcy protection procedure as a debtor.

At the same time, Ruixing Coffee has fully solved the problems left over from history and returned to normal company status.

　　In February 2021, Luckin Coffee filed for Chapter 15 bankruptcy protection in New York.

At that time, industry insiders said that Ruixing Coffee’s joint provisional liquidators filed for bankruptcy protection in New York, the United States, in order to stop some legal procedures that are not conducive to the company’s reorganization, create favorable conditions for the completion of the company’s reorganization, and speed up the orderly reorganization.

On March 7 this year, Luckin Coffee announced that, according to the ruling of the Cayman Islands Court that took effect on March 4, the company’s application for temporary liquidation has been revoked, the duties of the joint provisional liquidators have also been relieved, and the company’s provisional liquidation has ended.

The joint provisional liquidators filed a final report with the U.S. Bankruptcy Court on March 4 and asked the U.S. Bankruptcy Court to make a ruling to end the relevant U.S. bankruptcy protection proceedings.

　　It is understood that since Ruixing Coffee was exposed to financial fraud in 2020, the new management has been ordered in danger. The plaintiff representative of the lawsuit reached a settlement; on the other hand, it gradually promoted the overseas debt restructuring plan, signed a restructuring support agreement (RSA) with most holders of convertible senior bonds, and completed a total of 250 million with the company's shareholders Dazheng Capital and Joy Capital. A new funding round in U.S. dollars, the introduction of new shareholders IDG Capital and Ares SSG Capital Management.

　　At the end of January this year, as Dazheng Capital, IDG Capital and Ares SSG Capital Management completed the acquisition of the shares of Ruixing Coffee hosted by KPMG, the creditor’s rights custodian of the original fraudulent management, the equity of the original fraudulent management was also completed. The liquidation is no longer associated with Ruixing Coffee.

　　According to the 2021 financial report released by Ruixing Coffee, various financial indicators of Ruixing Coffee have produced substantial improvements throughout the fiscal year. In 2021, it will achieve an annual positive change for the first time, reaching 1.2528 billion yuan; at the same time, the store scale will expand to 6,024, making it one of the largest chain coffee brands in China.

　　Guo Jinyi, chairman and CEO of Luckin Coffee, said that the company completed debt restructuring with the support of creditors, marking a new beginning for Luckin Coffee. Luckin Coffee is already growing and creating long-term value for stakeholders. vantage point.

　　Beijing News reporter Wang Ziyang