Luckin Coffee debtor approves the reorganization plan! Luckin Coffee has stabilized by issuing two announcements in a row to announce the progress of development.
On December 1, 2021, Luckin Coffee's official website issued two announcements, mainly announcing the investment agreement reached between Luckin Coffee and Centurium Capital and the arrangement plan approved by Luckin Coffee's creditors.
It is understood that Lucky held a creditors' meeting in the Cayman Islands on November 30, Beijing time, focusing on the previously announced arrangement plan for "restructuring its $460 million due in 2025 to convert priority claims into 0.75% of the total amount."
According to the official announcement, the plan creditors (in person or entrusted agents) voted unanimously to approve the plan after attending the meeting. 56 plan creditors attended the meeting, showing that the negotiable instruments were 97.7% of the total fantasy principal. As a result, the plan has been approved by the necessary majority of plan creditors.
After obtaining the approval of the creditors, the Cayman court will hold a hearing on Lucky's sanctions plan at 10:00 local time on December 13, 2021. At that time, all scheme creditors will have the right to attend, hear and be heard.
If approved by the court, this means that the $460 million debt will be paid off in full at a price of $3.45 million by 2025. This is a far cry from Luckin Coffee's cumulative loss of about 10.388 billion yuan from 2018 to 2020. The data comes from the results for the first half of 2021 published on Luckin Coffee's official website.
In September, Ruixing's share price rose more than 5% after it announced that the company's restructuring plan had achieved its multi-stage goals, the highest since April 2020. It is expected that the plan of convertible priority claims will also have a more positive effect on Luckin Coffee's stock market.
Luckin Coffee director and CEO Guo Jinyi said: "this development is an important step in the continuous restructuring of the company." The overwhelming support of creditors attests to the progress made by our updated board of directors and leadership team, as well as the positive momentum we have generated. "
According to the company's investigation, Luckin Coffee's most recent financing was in April this year, with 250 million US dollars jointly raised by Dawei Capital and pleasure Capital. On December 1, Lucky also announced the completion of the relevant investment agreement led by Century Capital (Centurium Capital).
At present, it is known that Luckin Coffee has completed all the contents of his investment agreement with pleasure Capital, totaling about US $10 million in senior preferred shares. The capital obtained from the investment will be used for the expansion of Luckin Coffee's core coffee business, the implementation of the business plan and the realization of long-term growth goals. This and Guo Jinyi's statement "will focus on our own development strategy to achieve sustained growth and profitability, while providing excellent products and services to our customers and meaningful value to our shareholders." Consistent.
Indeed, Luckin Coffee has made a major breakthrough in products this year, frequently appearing popular drinks, and is also seeking the differential development of coffee-related products. In 2021, Luckin Coffee's first baking base was officially put into production, with a total investment of 210 million yuan, an area of 45000 tons and an annual roasting capacity of 15000 tons of coffee beans. It is the only automatic and intelligent baking base for the whole production line in the country. This also means that Luckin Coffee will gradually break through and realize the extension of the whole industry chain.
Is Luckin Coffee stable? Not yet!
From January to September this year, there were 21 related project financing events in the coffee field, with a financing amount of more than 4.6 billion yuan. The contestants of the coffee track are entering the game one after another. Brands that get financing are also expanding wildly, which means Luckin Coffee needs to grab more market share if he wants to take the lead in the Chinese coffee market.
Photo source: Luckin Coffee's official website
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