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Pacific Drilling to emerge from bankruptcy by year-end

Pacific Drilling to emerge from bankruptcy by year-end Offshore drilling contractor Pacific Drilling expects to emerge from Chapter 11 bankruptcy by year-end following the confirmation of its prearranged plan of reorganization by the U.S. court. Pacific Drilling filed for Chapter 11 bankruptcy to eliminate $1.1 billion of bond debt amid significant disruption in the offshore drilling market caused by the Covid-19 pandemic at the end of October 2020. The impact of these market conditions on Pacific Drilling’s business has been direct and significantly negative, rendering its capital structure unsustainable over the long-term. Only days after the Chapter 11 filing, the trading of Pacific Drilling common shares on the New York Stock Exchange (NYSE) was suspended and the drilling contractor was delisted.

China s Luckin Coffee to pay $180 million fine in fraud case

China s Luckin Coffee to pay $180 million fine in fraud case by Elaine Kurtenbach, The Associated Press Posted Dec 16, 2020 11:16 pm EDT Last Updated Dec 16, 2020 at 11:26 pm EDT China’s Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges, the Securities and Exchange Commission says. The SEC charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and growing faster than it actually was, and to meet the company’s earnings estimates. The Chinese rival to Starbucks fabricated more than $300 million in retail sales, the SEC said in a statement. It said the misconduct continued from April 2019 until January 2020.

China s Luckin Coffee to pay US$180 million fine in fraud case

  China s Luckin Coffee has agreed to pay a US$180 million penalty to settle accounting fraud charges, the Securities and Exchange Commission says. The SEC charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and growing faster than it actually was, and to meet the company s earnings estimates. The Chinese rival to Starbucks fabricated more than $300 million in retail sales, the SEC said in a statement. It said the misconduct continued from April 2019 until January 2020. Luckin s shares traded on the NASDAQ until July 13, 2020. They now trade on the OTC Pink board, or Pink Open Market, the most speculative tier for trading of over-the-counter stocks. In early January, its share price was about $50. That plunged to well below $10 per share when it announced the accounting scandal in April.

China s Luckin Coffee to pay $180 million fine in fraud

China’s Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges, the Securities and Exchange Commission says. The SEC charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and growing faster than it actually was, and to meet the company’s earnings estimates. The Chinese rival to Starbucks fabricated more than $300 million in retail sales, the SEC said in a statement. It said the misconduct continued from April 2019 until January 2020. Luckin’s shares traded on the NASDAQ until July 13, 2020. They now trade on the OTC Pink board, or Pink Open Market, the most speculative tier for trading of over-the-counter stocks. In early January, its share price was about $50. That plunged to well below $10 per share when it announced the accounting scandal in April.

Luckin Coffee to pay USD180 million fine in fraud case » Borneo Bulletin Online

Luckin Coffee to pay USD180 million fine in fraud case » Borneo Bulletin Online
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