Luckin Lenders Win Court Approval To Liquidate Chairman's Stake, Shareholders Seek To Oust Him

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Close on heels of the resignation of an independent board director, embattled Luckin Coffee Inc – ADR (NASDAQ: LK) is contending with incremental negative news. 

What Happened: Luckin's lenders, led by Credit Suisse, have won a court order to recover debt owed to them by the company, according to a filing in a Cayman Islands court.

The court has sought the winding down of Primus Investments Fund and Mayer Investments Fund, both of which hold Luckin shares and are owned by the family of Luckin Chairman Lu Zhengyao.

The court order signed by Grand Court Judge Raj Parker said the petitioner has established that the debtors …

Full story available on Benzinga.com

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