Faraday Future (FF) founder and CPUO Jia Yueting released a statement after his Chapter 11 Disclosure Statement and the motion for approval of DIP Financing were approved. As a result, Jia’s debt restructuring plan can now be voted on by his creditors. Should the vote support the plan, then implmentation can begin immediately.
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The statement also read that, “This important progress will in fact benefit FF’s financing efforts and the implementation of its China-US dual home strategy.” In addition, the court remarked at Jia’s alacrity during the entire process, as the embattled Chinese entrepreneur was extremely forthcoming and proactive during the case.
As part of Jia’s restructuring plan, he will have to yield top-level decision making to FF’s partners’ committee.
Recently, FF and US Hybrid Corporation began collaboration to advance the use of FF’s electric propulsion system in new energy products currently under development by US Hybrid.