The banks that lent $518 million to Luckin Coffee Chairman Charles Zhengyao Lu have started court proceedings to liquidate his private company, a government gazette for the British Virgin Islands showed.
Luckin’s fortunes have crashed since an internal probe showed much of its 2019 sales were fabricated and overestimated by 2.2 billion yuan . Haode then defaulted on the loan that had been secured by millions of Luckin shares.
Goldman Sachs had been appointed to oversee the stock’s sale but Luckin had been suspended from trading on the Nasdaq for more than a month until Wednesday night.
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