(Reuters) – Luckin Coffee (OTC.) Inc. announced on Monday that they had been discharged from bankruptcy proceedings. The filings were made two years ago after accounting fraud sank the coffee chain.

Luckin, a Xiamen-based coffee company was founded in 2017. Starbucks Corp (NASDAQ:) The much-hyped firm almost went bankrupt in 2020, after it was discovered that the 2019 sales of about 2.2 billion Yuan (3337.31 millions USD) were fabricated.

Luckin stated that it has restructured the United States’ financial debt and paid hundreds of millions in penalties.

Luckin recorded a 81% rise in quarterly revenues and operating losses for March at 120.8 millions renminbi ($19.0million).