Info
Info

Faraday Future Founder Yueting Jia files for Bankruptcy

News

The Founder and CPUO of Faraday Future, Yueting Jia(YT), has filed for bankruptcy and restructuring under Chapter 11 in the United States.

Info

This was done to address his personal debts in China.

In connection with the filing, a ‘creditor trust' for the benefit of YT's creditors is planned to be established, which will be jointly managed by a committee of creditors and the trustee. YT plans to transfer all his existing equity interest in Smart King Limited, the global holding company for Faraday Future, to the creditor trust to better protect his creditors and repay his debt.

This matter will not affect any of FF's normal business operations. The Plan will in fact have multiple benefits for FF. It provides YT an opportunity to address his personal debts, help facilitate FF's equity financing efforts and prepare for an IPO, and further advance the implementation of FF's US-China dual home market strategy.

YT will continue to be involved with the FF team to complete its strategic goals in the capacity of FF's Founder and Chief Product & User Officer (CPUO) and to maximise the value of FF and the assets in the creditor trust. The Plan benefits all stakeholders.

This filing for restructuring will not affect the ownership of employee stock options or shares in FF acquired upon exercise of employee stock options. Employee stock options will remain an effective tool to help FF continuously assist in the recruitment of future talent.


The Latest News, Brought To You By
Faraday Future Founder Yueting Jia files for Bankruptcy
Modified on Wednesday 16th October 2019
Find all articles related to:
Faraday Future Founder Yueting Jia files for Bankruptcy
TaaS Technology Magazine
Info
Poznań Orders 37 More Electric Buses From Solaris
Class #5 Of Volkswagen’s Incubator Programme: Five Start-ups Make A Virtual Start To The Next Round
Electric Nation Project To Undertake V2G Trials In The UK
Groupe PSA And Punch Powertrain Expand Strategic Partnership In Electrification
Tata Power Gets Ready To Enable India’s Shift To Clean Mobility With ‘EZ Charge’
Markus Duesmann Launches “Artemis” Project
SolarEdge Appoints Carsten Schmidt To General Manager Of SolarEdge E-Mobility Division
CHAdeMO And Open Charge Alliance Join Forces
Volkswagen Closes Its Investment In Argo AI
Vienna Testing A Hydrogen Bus From Solaris
City Of Greensboro, North Carolina Deploys EV ARC Solar-powered EV Chargers
New Silicon Carbide Power Module For Electric Vehicles
DiDi Raises $500 Million For Its Autonomous Driving Subsidiary
Northvolt And Hydro Launch Joint Venture To Enable EV Battery Recycling
New European Project Launched To Develop High-energy Solid-state Lithium-ion Battery Cell For The EVs
Volkswagen Intensifies E-mobility Activities In China
Polestar Partners With Plugsurfing To Increase Charging Convenience In Europe
NIO Power Completes 500,000 Battery Swaps
Takumi-crafted Driving Experience
Drive A Fiat 500 Hybrid For Less Than The Cost Of The Daily London Commute
RoboSense LiDAR Partnered With DT Mobile
Einride Launches Intelligent Freight Mobility Platform
LEVC Protects And Prepares For Production Restart
Siemens Supports Sustainable Urban Transport With EBus Charging Infrastructure In Nuremberg
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}