Luckin Coffee’s Lenders Win Court Order To Wind Down Chairman’s Offshore Assets

From: news.yahoo.com

Lenders led by Credit Suisse have won a court order seeking to wind down entities controlled by the family of Luckin Coffee Chairman Lu Zhengyao as they try to recover US$324.1 million of outstanding debt, according to a Cayman Island court filing.

Judge Raj Parker will grant orders to liquidate two holdings ” Primus Investments Fund and Mayer Investments Fund ” which hold shares in Luckin and are ultimately controlled by the Lu family, according to the judgment delivered on June 16 in the Court of the Cayman Islands.

The court rejected a request by Primus and Mayer to dismiss the petition to allow them to repay the debts by refinancing or selling assets, saying there is no credible evidence that the debt will be paid within a reasonable time.

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