Founder’s Debt Restructuring Plan Will Determine Faraday’s Future

Jia Yueting (source: lestartup.hk)

On November 25, a meeting was held regarding Faraday Future (FF) founder Jia Yueting’s debt at the FF headquarters in Los Angeles, California. Jia Yueting’s debt processing team subsequently posted on Chinese micro-blogging platform Weibo, saying that 35 creditors and 20 representatives participated in the meeting.

Jia Yueting said that the success of the debt restructuring will determine the life and death of Faraday Future, and hopes that creditors will be able to vote on the adjusted restructuring plan no later than December in order to implement the plan as soon as possible.

SEE ALSO: Jia Apologizes to Creditors and Vows to Pay Back All His Debt

The main purpose of this meeting was to let creditors understand Jia Yueting’s new debt restructuring plan. Previously, the plan was withdrawn by Jia Yueting as only 23% of creditors agreed to it, and the voting was postponed to a later date.

In addition to the insufficient number of voters, there are also creditors who believe that the company’s founder has hidden assets.

Jia Yueting’s debt processing team responded to this, saying that Jia Yueting had announced all assets, including domestic frozen assets and Faraday’s equity. If the restructuring plan is passed, Jia Yueting’s frozen asset creditors in China can continue to dispose of it.

Jia Yueting’s main assets are his non-publicly traded stocks and equity. The most prominent being his stocks in West Coast LLC, owned by Faraday’s parent company Smart King, with a value of $860 million. It is also worth noting that Jia Yueting does not have a car under his name, but he owns a dog named Poodle valued at $704.