Luckin Coffee has completed debt restructuring and no longer faces bankruptcy, the company said on Tuesday.
“Today marks a new beginning for Luckin Coffee,” said CEO GUO Jinyi, promising to improve every aspect of operations from financial procedures to the coffee itself.
In 2021, Luckin's net revenue reached 8 billion yuan (US$1.2 billion), almost double the previous year.
Luckin Coffee has over 6,000 stores, making it one of China's largest coffee chains.
