PE-backed Luckin files for bankruptcy in the US
Chinese coffee shop chain Luckin Coffee, which has several private equity backers, has filed for bankruptcy protection in the US to aid its restructuring efforts following the emergence of a sales fraud last year.
The company reached a $180 million settlement with the US Securities & Exchange Commission (SEC) in December regarding the fabrication of RMB2.2 billion ($310 million) worth of sales booked in 2019 –...
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