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China's Luckin Coffee Just Filed for Bankruptcy Protection
Shares of Chinese coffee company Luckin Coffee (LKNCY - Free Report) are plunging on Friday after announcing that it filed for Chapter 15 bankruptcy in the U.S. LKNCY trades on OTC markets, and fell nearly 50% in afternoon trading.
This move is designed to protect Luckin from legal action from U.S. creditors including shareholders and bondholders owed $460 million. Luckin said its retail stores will still remain open for business; its coffee continues to be popular in China.
The company was once seen as a major Starbucks (SBUX - Free Report) competitor in China, but that dream quickly faded--Luckin announced last year that a significant period of revenue, expenses, and net operating loss, around $300 million, may have been faked. Chairman Charles Lu was quickly removed from his position, and shares have since been delisted from the Nasdaq.
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