Provisional liquidation

Acrometa to Focus on Laboratory Construction and Co-Working Laboratory Space Business

Retrieved on: 
Tuesday, October 31, 2023
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Ltd. ("NTP"), had on 27 October 2023 initiated the process to place NTP under Creditors' Voluntary Liquidation ( "CVL").

Key Points: 
  • Ltd. ("NTP"), had on 27 October 2023 initiated the process to place NTP under Creditors' Voluntary Liquidation ( "CVL").
  • The directors of NTP had on 27 October 2023 resolved to place NTP in Provisional Liquidation, pending its eventual liquidation.
  • This decision arises from the inability of NTP to continue?its regular business operations by reason of their liabilities.
  • Mr Lim Say Chin, CEO of AcroMeta Group said, "Conversion of poultry waste to green electricity is a fundamentally promising business.

Bybit Granted MVP License from Dubai’s Virtual Assets Regulatory Authority

Retrieved on: 
Tuesday, June 27, 2023
Provisional liquidation, VARA, Minimum viable product, Emirate of Dubai, MVP, License, Emirate, Maxima and minima, Cryptocurrency, Bybit

DUBAI, United Arab Emirates, 27 June, 2023 — Bybit FinTech FZE, a subsidiary of Bybit, a global leading crypto exchange, announced today that it has been granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA), following the Provisional License it received in March 2022.

Key Points: 
  • DUBAI, United Arab Emirates, 27 June, 2023 — Bybit FinTech FZE, a subsidiary of Bybit, a global leading crypto exchange, announced today that it has been granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA), following the Provisional License it received in March 2022.
  • The Preparatory License does not yet allow Bybit to commence virtual asset operations in the Emirate of Dubai, but exhibits the significant progress made to obtain operational permission from VARA.
  • “We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License.
  • This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world's development of financial innovation and digital assets,” said Ben Zhou, co-founder and CEO of Bybit.

EQS-News: Bybit Granted MVP License from Dubai’s Virtual Assets Regulatory Authority

Retrieved on: 
Tuesday, June 27, 2023
Provisional liquidation, ARAB, VARA, Minimum viable product, Emirate of Dubai, MVP, License, Emirate, Maxima and minima, Cryptocurrency, Bybit

DUBAI, UNITED ARAB EMIRATES - Media OutReach - 27 June 2023 - Bybit FinTech FZE, a subsidiary of Bybit, a      global leading crypto exchange, announced today that it has been granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA), following the Provisional License it received in March 2022.

Key Points: 
  • DUBAI, UNITED ARAB EMIRATES - Media OutReach - 27 June 2023 - Bybit FinTech FZE, a subsidiary of Bybit, a      global leading crypto exchange, announced today that it has been granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA), following the Provisional License it received in March 2022.
  • The Preparatory License does not yet allow Bybit to commence virtual asset operations in the Emirate of Dubai, but exhibits the significant progress made to obtain operational permission from VARA.
  • “We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License.
  • This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world's development of financial innovation and digital assets,” said Ben Zhou, co-founder and CEO of Bybit.

Luckin Coffee Announces Restructuring Effective Date in Relation to Convertible Notes Due 2025 Has Occurred

Retrieved on: 
Monday, January 31, 2022
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Accordingly, the Schemewhich governs the restructuring of Luckin Coffees US$460 million 0.75% Convertible Senior Notes due 2025 (the Existing Notes)has been substantially consummated and the Restructuring Effective Date has occurred.

Key Points: 
  • Accordingly, the Schemewhich governs the restructuring of Luckin Coffees US$460 million 0.75% Convertible Senior Notes due 2025 (the Existing Notes)has been substantially consummated and the Restructuring Effective Date has occurred.
  • Todays development marks the culmination of extraordinary efforts from the Luckin Coffee team and outstanding support from our creditors and stakeholders, said Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee.
  • Luckin Coffee is moving forward from a position of financial strength and remains focused on the continued execution of our growth strategy.
  • Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyones daily life.

Luckin Coffee Announces Scheme of Arrangement Relating to Its Convertible Senior Notes Due 2025 Has Become Effective

Retrieved on: 
Wednesday, December 22, 2021
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BEIJING, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) announced today that its scheme of arrangement (the Scheme) became effective on December17, 2021 (the Scheme Effective Date).

Key Points: 
  • BEIJING, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) announced today that its scheme of arrangement (the Scheme) became effective on December17, 2021 (the Scheme Effective Date).
  • The Scheme was proposed by Luckin Coffee with the support of its Joint Provisional Liquidators,1 in relation to the restructuring of its US$460 million 0.75% Convertible Senior Notes due 2025 (the Existing Notes).
  • Each of the conditions necessary for the Scheme to become effective following entry of the Scheme Enforcement Order has been satisfied.
  • The Scheme is now effective, which will allow us to implement the restructuring of our Existing Notes and begin the next chapter for Luckin Coffee.

Luckin Coffee Announces Grand Court of Cayman Islands’ Sanction of Scheme of Arrangement in Cayman Islands

Retrieved on: 
Tuesday, December 14, 2021
Forward-looking statement, U.S. Securities and Exchange Commission, Alvarez and Marsal, Houlihan Lokey, Provisional liquidation, Board of directors, OTC, Companies Act, Company, Coffee, Harney Westwood & Riegels, Board, Growth, Private Securities Litigation Reform Act, Scheme, Industry, Wardwell, Note, SEC, Debt-to-GDP ratio, Alvarez, Joint, Annual report, Proxy, Terminology, Hearing, GLOBE, Security (finance), Cryptocurrency, Luckin Coffee, PRC, COVID-19

BEIJING, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) announced today that the Grand Court of the Cayman Islands (the Cayman Court) has sanctioned the scheme of arrangement (the Scheme) proposed by Luckin Coffee with the support of its Joint Provisional Liquidators,1 in relation to the restructuring of its $460 million 0.75% Convertible Senior Notes due 2025 (Existing Notes).

Key Points: 
  • BEIJING, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) announced today that the Grand Court of the Cayman Islands (the Cayman Court) has sanctioned the scheme of arrangement (the Scheme) proposed by Luckin Coffee with the support of its Joint Provisional Liquidators,1 in relation to the restructuring of its $460 million 0.75% Convertible Senior Notes due 2025 (Existing Notes).
  • The Company is pleased to announce that the Cayman Court sanctioned the Scheme, pursuant to section 86 of the Companies Act, and has entered an order to that effect (the Sanction Order).
  • In connection with the Companys debt restructuring and the Scheme, Luckin Coffee is advised by Davis Polk & Wardwell LLP as legal counsel, Harney Westwood & Riegels as Cayman Islands legal counsel and Houlihan Lokey as financial advisor.
  • Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyones daily life.

Luckin Coffee Announces Results of Extraordinary General Meeting to Adopt Amendments to Memorandum and Articles of Association

Retrieved on: 
Monday, December 13, 2021
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Certain amendments to the Companys Fifth Amended and Restated Memorandum and Articles of Association have been approved and adopted as special resolutions at the EGM.

Key Points: 
  • Certain amendments to the Companys Fifth Amended and Restated Memorandum and Articles of Association have been approved and adopted as special resolutions at the EGM.
  • These resolutions are intended to protect the long-term viability of Luckin Coffee and promote long term shareholder value.
  • Any statements that are not historical facts, including statements about Luckin Coffees beliefs and expectations, are forward-looking statements.
  • Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyones daily life.

GS Wealth Issues Open Letter to Luckin Coffee’s Shareholders and Convertible Bondholders

Retrieved on: 
Friday, December 3, 2021
Finance, Restaurant, Bar, Food, Beverage, Retail, Professional Services, High Court enforcement officer, Language, Financial assistance (share purchase), Provisional liquidation, Poison pill, Article, Lists of political entities by century, Company, Hearing, British Virgin Islands, Irish Section 110 Special Purpose Vehicle (SPV), Debt, Extraordinary general meeting, EGM, Debt restructuring, Fermium, DRSA, Letter, Board of directors, Sclerosis (medicine), SPA, Board, Articles of association, OTC, Convertible, Coffee, High Court, Virgin Islands, Court, Joint, Security (finance), Holding company, Risk management

GS Wealth LP (GS Wealth) today issued a letter to the shareholders and convertible bondholders of Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) in connection with its Extraordinary General Meeting (EGM) scheduled to be held on December 11, 2021.

Key Points: 
  • GS Wealth LP (GS Wealth) today issued a letter to the shareholders and convertible bondholders of Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) in connection with its Extraordinary General Meeting (EGM) scheduled to be held on December 11, 2021.
  • GS Wealth also noted that with approximately 6% more voting power, Centurium Capital would control two-thirds of the voting power and could unilaterally approve a shareholder resolution take Luckin private.
  • The full text of the letter is below:
    Dear Luckin Coffee Shareholders and Convertible Bondholders:
    I am writing to you on behalf of GS Wealth LP (GS Wealth), an investment fund with substantial assets under management.
  • Furthermore, GS Wealth and Golden Planet are creditors of the SPVs and are not affiliated with any of the former management of Luckin.

Luckin Coffee Announces Closing of Investment Agreement with Centurium Capital

Retrieved on: 
Wednesday, December 1, 2021
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BEIJING, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) today announced that it has closed its previously announced investment agreement with an affiliate of Centurium Capital (Centurium Capital), as the lead investor.

Key Points: 
  • BEIJING, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) today announced that it has closed its previously announced investment agreement with an affiliate of Centurium Capital (Centurium Capital), as the lead investor.
  • The investment by Centurium Capital enables Luckin Coffee to focus on the continued expansion of its core coffee business, execution of its business plan and achievement of its long-term growth targets.
  • Luckin Coffee has made separate arrangements with Joy Capital to close its portion of the investment agreement, totaling approximatelyUS$10 millionin senior preferred shares.
  • Both Centurium and Joy Capital are leading private equity investment firms in China and current shareholders of Luckin Coffee.

Luckin Coffee Creditors Approve Scheme of Arrangement

Retrieved on: 
Wednesday, December 1, 2021
Development, Provisional liquidation, Houlihan Lokey, Industry, Private Securities Litigation Reform Act, Forward-looking statement, Company, Hearing, Coffee, Debt-to-GDP ratio, SEC, Proxy, Annual report, U.S. Securities and Exchange Commission, GLOBE, Harney Westwood & Riegels, Terminology, OTC, Note, Wardwell, Creditor, Joint, Growth, Security (finance)

BEIJING, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (in Provisional Liquidation) (“Luckin Coffee” or the “Company) (OTC: LKNCY) announced that a meeting was held yesterday in Grand Cayman, Cayman Islands regarding the previously announced scheme of arrangement (the “Scheme”) proposed in relation to the restructuring of its $460 million 0.75% Convertible Senior Notes due 2025 (“Existing Notes”). The meeting was convened for the purpose of allowing the Company’s class of creditors affected by the Scheme (the “Scheme Creditors”) to consider and, if thought fit, approve, with or without modification, the Scheme.

Key Points: 
  • The meeting was convened for the purpose of allowing the Companys class of creditors affected by the Scheme (the Scheme Creditors) to consider and, if thought fit, approve, with or without modification, the Scheme.
  • The meeting was attended by fifty-six Scheme Creditors representing approximately 97.7% in aggregate outstanding principal amount of the Existing Notes.
  • Accordingly, the Scheme has been approved by the requisite majority of Scheme Creditors.
  • Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyones daily life.