Chinese business tycoon and former Faraday Future CEO, Jia Yueting recently sent a letter to more than 100 creditors to assure them of his convictions to pay back all debts accumulated from his founding company, Leshi Holding Group, according to Chinese media 36Kr.
In the letter, Jia apologized to the creditors and acknowledged himself as the sole person responsible for LeTV’s failure. He explained that he would maintain a closer contact with his creditors in the future and find a thorough solution to his debt crisis.
“To completely pay off debts, restore FF’s reputation and realize my FF dream are the most important goals in the next chapter of my life,” Jia said in his letter. “Living is a responsibility and entails millions of possibilities. As long as I’m alive, I can return my debts, go back to my country and make FF a dream come true.”
Jia’s creditors voted on his restructuring plan for the first time on November 8, following Jia’s filing for personal bankruptcy restructuring (Chapter 11) in the United States on October 13 and establishment of a creditor trust. However, the voting results have yet to be disclosed.
Following the financial crisis of LeEco in 2017, Jia had been going through a rough 2-year period of his life. However, Jia had maintained a firm belief in FF’s success and said that he will work to pay off his debt for all of his creditors in the next few years.
In the letter, Jia invited his creditors to visit FF’s Los Angeles headquarters and attend the creditors’ meeting on November 25, giving him an opportunity to apologize in person and communicate his strategy to tackle the restructuring plan.
“I have great hopes for fulfilling my responsibilities,” Jia said in his letter. “I am especially grateful for the support and trust my creditors have given me. You [creditors] are the ones who showed me the way home.”