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Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in .
Luckin Coffee Inc.February 5, 2021 GMT
Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate Luckin
Coffee’s Restructuring of its Financial Obligations
All Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected
Company Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees
BEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of
GREED: Marble Ridge Capital Founder Pleads Guilty To Bankruptcy Fraud In Connection With Neiman Marcus Bankruptcy
Posted on 02/03/2021
Daniel Kamensky, age 48, of Roslyn, New York, pled guilty to one count of bankruptcy fraud, which carries a maximum sentence of five years in prison. Sentencing has been scheduled for May 7, 2021. Daniel Kamensky is the founder of New York-based hedge fund Marble Ridge Capital. The fraud was in connection with his scheme to pressure a rival bidder to abandon its higher bid for assets in connection with Neiman Marcus’s bankruptcy proceedings so that Marble Ridge could obtain those assets for a lower price.
Newmark to Acquire Assets of Knotel
Newmark Group, Inc. (Nasdaq: NMRK) ( Newmark ) today agreed to provide debtor-in-possession ( DIP ) financing to Knotel, Inc. ( Knotel ) and acquire Knotel s business through its Chapter 11 sales process. We look forward to supporting Knotel through this difficult period, said Newmark Chief Executive Officer Barry Gosin. We are providing capital to Knotel so it can right-size its business for the path forward. Newmark s commitment offers a path forward amidst this challenging climate, said Knotel Co-Founder and Chief Executive Officer Amol Sarva. We are optimistic that, through a successful restructuring, we can refocus on our mission of providing state-of-the-art, tailored flex space in key U.S. and international markets. We have engaged Hilco Real Estate, a real estate restructuring specialist, to assist Knotel.
Knotel has announced plans to accelerate its transformation
into a more capital efficient business and reorganize its operations and
capital structure under new ownership.
As part of its strategic path forward, Knotel has reached an
agreement to sell the business to an affiliate of Newmark Group, Inc., the
commercial real estate firm. The Company has also made the decision to exit
multiple locations in the U.S. as part of the process.
To accomplish the sale of the business and a reorganization
of the Company’s U.S. footprint in the most efficient manner, Knotel and its
U.S. subsidiaries have filed voluntary petitions for relief under Chapter 11 of