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Kaslim
2021-02-06

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Ruixing Coffee filed for bankruptcy protection. Is it protecting the company or investors?

2月5日，瑞幸咖啡（LKNCY.O）在公司官网发布了公司正申请破产保护的公告。该公告称，公司根据《破产法》第11篇第15章（Chapter 15 Petition）向美国纽约南区破产法院提出申请。目前

Ruixing Coffee filed for bankruptcy protection. Is it protecting the company or investors?

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Luckin Coffee said that all of the company's stores are currently open to provide its customers in China with high-quality, affordable and...</p><p><a href=\"https://www.yicai.com/news/100942873.html\">Web link</a></div></p>","source":"dyvj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ruixing Coffee filed for bankruptcy protection. 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Is it protecting the company or investors?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-02-06 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On February 5, Luckin Coffee (LKNCY.O) announced on the company's official website that the company is filing for bankruptcy protection. The announcement stated that the company filed an application with the U.S. Bankruptcy Court for the Southern District of New York in accordance with Chapter 15 Petition of Title 11 of the Bankruptcy Code. At present, the company is negotiating with its stakeholders on the company's financial restructuring. By strengthening the company's balance sheet, the company can continue to operate while benefiting all stakeholders. Luckin Coffee said that all of the company's stores are currently open to provide its customers in China with high-quality, affordable and...</p><p><a href=\"https://www.yicai.com/news/100942873.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/100942873.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/324e43c6c2694249d5fc03a098a94f36","relate_stocks":{},"source_url":"https://www.yicai.com/news/100942873.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157800725","content_text":"2月5日，瑞幸咖啡（LKNCY.O）在公司官网发布了公司正申请破产保护的公告。该公告称，公司根据《破产法》第11篇第15章（Chapter 15 Petition）向美国纽约南区破产法院提出申请。目前公司正在与其利益相关者就公司财务重组进行谈判，通过加强公司的资产负债表，使公司能够继续经营，同时为所有利益相关者谋利益。瑞幸咖啡表示，目前公司所有门店均保持营业，为其在中国的客户提供高质量、经济实惠和方便的产品。第15章请愿书的提交预计不会对公司的日常运营产生重大影响。公司将继续在正常业务过程中履行其贸易义务，包括向供应商、供应商和员工付款。大约一年前，一份长达89页的做空报告令瑞幸咖啡股价涨势戛然而止。2020年4月2日，瑞幸咖啡提交给SEC的文件显示，公司董事会成立的专门委员会经过调查初步明确，2019年第二季度到2019年第四季度期间，瑞幸咖啡与虚假交易相关的总销售金额约为22亿元人民币，整个市场哗然，瑞幸咖啡股价接连闪崩。6月29日，瑞幸咖啡正式在纳斯达克交易所停止交易，进入退市程序，从上市到退市不足一年半。2020年底，SEC对瑞幸咖啡发起诉状，称其在公开披露的2019年财务报表中，故意并实质性地夸大了收入和费用，低估其净亏损。此外，在2019年4月到2020年1月期间，瑞幸咖啡从债券和股票投资者那里至少筹集了逾8.64亿美元。在不承认或否认这些指控的情况下，瑞幸咖啡已同意在法庭批准的情况下达成和解，包括永久性禁令和1.8亿美元的罚款。与SEC的诉讼和解之后，瑞幸咖啡还欠投资者一个交代，至少面临投资者的证券集体诉讼（民事诉讼）和美国司法部针对高管的指控（刑事诉讼）。集体诉讼开启后，某些集体成员也有几率选择退出集体诉讼，并单独发起诉讼。瑞幸咖啡的民事诉讼已在进行当中，诉讼程序可能需要至少2~3年，而刑事案件的事件可能会更长。或许是不堪重负，瑞幸咖啡终于提出破产申请。2月5日午后，瑞幸咖啡在其官方微博上称，申请破产保护是错误的理解，“其实这是一个好消息，让瑞幸重生之路又进一步！”瑞幸咖啡表示，作为公司重组的重要步骤，也是开曼程序下常见做法，临时清盘人向美国法院提起程序，寻求美国法院对于公司目前在开曼进行的临时清盘程序的认可。该程序将会暂停美国境内针对公司的诉讼程序，为完成开曼重组创造条件并有序完成重组。值得注意的是，记者查阅过往著名公司的破产申请案例发现，与此次瑞幸不同的是，大多依照的是Chapter 7或11。一位曾经多次参与美国公司破产清算的律师对记者解释，公司申请破产后有多种不同的做法，较为常见的是Chapter 7和Chapter 11。“如果将公司看作病人，Chapter 11犹如给公司做手术，是一场最后关乎“开膛破肚”的救治，而Chapter7则更像是直接宣告公司的“死亡”。”详细来看，如果公司申请Chapter 7可以被理解为清算破产，公司会马上进入清算环节，律师、会计师、法院对公司进行资产清算后，债权人再从公司剩余资金里按顺序分钱。Chapter 11则是重组破产。北京郝俊波律师事务所主任郝俊波对记者称，如果通过Chapter 11，公司可以和债权人进行关于重组的谈判，可以等到有了重组方案才进行偿还，那么在形成这个重组方案之前，公司暂时不用再支付债务，“相当于等于给公司一个缓冲延期的机会。”过去有诸多公司通过Chapter 11获得喘息重生的机会。比如，曾在核技术、燃料及服务领域颇有建树的西屋电器公司（Westinghouse Electric Company）于2017年3月向美国法院申请了Chapter 11破产保护后，Brookfield顺利从日本东芝公司手中收购了西屋，完成转型重组。2001年11月8日，不堪舆论重压的安然被迫承认做了假账，虚报自1997年以来共计近6亿美元的盈利。12月2日，因受到债权人的压力和法律诉讼威胁，公司管理层被迫根据美国破产法第11章申请破产保护，破产清单中所列资产高达498亿美元，成为美国历史上最大的破产企业。从性质上，Chapter 15与 Chapter 11较为相似，正式被称为“《美国法典》第11章的第15章（Chapter 15, Title 11 of the United States Code）”，起源于1978年制定的《美国破产法》第304条。鉴于涉及多个司法管辖区的破产频率不断增加，304在2005年被废止，取而代之的是第15章，标题为“辅助和其他跨境案件”。Chapter 15与 Chapter 11两者最大的区别在于，Chapter 15通常是针对外国个人或实体的次级破产程序，允许外国人在包括在美国在内的多个国家/地区拥有财产或业务的情况下，向美国破产法院申请破产，但主要过程通常在外国公司的母国进行。通过第15章破产，在美国有债务但居住在国外的债务人也可以先在本国申请破产，而在美国的申报被视为次级或辅助申报。数据显示，截至2019年底，2009年、2016年和2019年提交的第Chapter 15破产案件数量最多。在2020年春季，许多外国公司因新冠疫情受困也纷纷申请第15章破产，如法国媒体公司Technicolor SA、加拿大茶叶经销商DAVIDsTEA、澳大利亚航空公司维珍澳大利亚航空、加拿大马戏团太阳马戏团娱乐集团等赫然在列。一旦外国实体根据Chapter 15申请破产，美国破产法院就可以授权受托人或审查员开始行动，并且在不违反美国法律的情况下，允许美国法院向外国代表提供额外的帮助；在外国法院的法律可能缺乏的情况下，允许美国法院为提出破产申请的外国国民提供额外的帮助；赋予外国债权人参与美国破产案的权利；防止在破产案件中对外国债权人的歧视；需要在美国提交的破产案件中通知外国债权人；赋予外国债权人在美国破产案件中提出索赔的权利。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1673,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}