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US court approves Luckin Coffee’s $460 million debt restructuring plan

A US federal judge in Manhattan has passed Luckin Coffee’s debt restructuring plan for a $460 million bond due 2025. Court documents show that noteholders will get $320 million in cash and new debt. Luckin announced Tuesday that the plan has already won approval from creditors and the grand court of Cayman Islands, where it registered. US court approval means the plan can be implemented in the US. [Bloomberg Law]