· 吉利汽車11月銷量14.32萬輛 同比環比雙增長
· 前景預期頗好 一汽轎車調整資產重組方案
· 美國11月銷量或微增 年度銷量有望超1700萬輛
· 全系發力，聚勢沖刺！東風日產1-11月銷量突破104萬 提前達成百萬銷量
· 奇瑞增資擴股項目落槌 青島五道口成為“新奇瑞人”
· 電動化正在顛覆整個汽車行業 全球制造商累計裁員將超80000人
· 這車企賣房也要造車 如今銷量跌到底 房錢也虧進去了！
· DS命運多舛 誰主沉浮？
· 長春網紅主播喊話4S店：奔馳剛買一年車架突然下沉 避震器到底出啥問題了？
為徹底解決個人國內債務問題，Faraday Future創始人兼CPUO賈躍亭先生已經在美國申請個人破產重組（Chapter 11），并成立了由債權人委員會和信托受托人控制和管理的債權人信托，該方案完成后，賈躍亭先生將把其在Smart King有限公司(Faraday Future全球控股公司)的所有股權轉讓給債權人信托基金，以更好地保護債權人利益并償還債務。
Statement Regarding Faraday Future Founder Yueting Jia's Bankruptcy and Restructuring and Establishment of Creditor Trust
The Founder and CPUO of Faraday Future, Yueting Jia(YT), has filed for bankruptcy and restructuring under Chapter 11 in the United States，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 in the following ways:
This Plan 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 maximize 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.
October 14, 2019
為了履行對于債權人盡責到底的承諾，更好更快地徹底解決個人債務問題，讓每一位債權人可以得到平等償債的機會，賈躍亭先生于10月13日在美國主動申請個人破產重組（Chapter 11）。（根據該方案，將同時設立債權人信托，并在條件滿足的時候把全部在美國資產轉讓給債權人。該方案完成后，賈躍亭先生將不再持有任何法拉第未來的控股母公司Smart King股權（以下統稱FF））。結合已完成的合伙人制，該方案將為FF的成功并成為一個偉大的公司奠定了堅實的基礎，從而加速構成債權人信托資產的FF股權資產價值最大化的進程，徹底解決賈躍亭先生的直接、個人擔保及間接債務問題。
3. 同時該方案也可以讓債權人規避三大風險。第一，賈躍亭先生選擇了難度更大的個人破產重組（Chapter 11）方案，放棄了簡單、低成本和可以直接豁免所有債務的個人破產清算（Chapter 7）; 和Chapter 7 相比，Chapter 11有更大的可能性使債權人得到更大的償付從而減少了債權人只能得到少部分債務償還的風險，第二，該程序也會防止個別債權人的惡意凍結及低價拍賣賈躍亭先生個人資產的行為，導致債權人作為一整體拿到更少的償付，第三，減少債權人采取其他方式行使債權的時間成本、資金成本和不確定性風險。
關于債權人投票及程序相關詢問，請聯絡EPIQ Global –
美國免費電話: (+1) 855-963-0391
其余非美國地區: (+1) 503-520-4401
Statement Regarding Yueting Jia's Personal Bankruptcy and Restructuring and Establishment of Creditor Trust
On October 13th , 2019, Yueting Jia (YT) voluntarily filed for bankruptcy and restructuring under chapter 11 in the United States in an effort to keep his promise to perform all of his obligations to the creditors and completely pay off his personal debts in a way that is considered fair and efficient and would offer each creditor an equal opportunity to be paid off. In connection with the filing, a creditor trust for the benefit of YT’s creditors will be established. After certain conditions are met, YT will transfer all of his personal assets in the United States to the trust. After the completion of his chapter 11 plan, YT will no longer hold his existing equity interest in Smart King Limited, the parent holding company of Faraday & Futures Inc. (“FF”). Together with the recently completed partnership program, the plan is expected to lay out a solid foundation for FF’s future success and being a great company. The plan will expedite FF’s process to maximize the value of its equity interests that constitute the assets of the creditor trust and completely address YT’s debt issues incurred due to direct borrowings, personal guarantees or indirect obligations.
The following is a summary of the plan:
1.Pursuant to the plan, after the current injunction in the British Virgin Islands is lifted, YT will officially transfer all his personal assets recognized by the court in the United States, meaning all equity and economic interest in FF owned by YT, to the creditor trust. The creditor trust, designed to be best solution to resolve YT’s personal debt issues, will be controlled and managed by a committee of creditors and a trustee.
2.The proposed plan will offer creditors three layers of protections: First, creditors will retain their rights to dispose of all of YT’s and the respective primary obligors’ frozen assets located in China. Additionally, the primary obligors and guarantors, aside from YT, will continue to be contractually required to fulfill their payment obligations. Lastly, according to the plan, all creditors will have a legal right to participate in the disposition of YT’s assets and enjoy the relevant economic interest through the creditor trust, as opposed to their original claims against YT for payment. Such mechanism ensures a better protection for all creditors from the legal perspective.
3.Meanwhile, the plan can address three risks for the creditors. First, YT chose the more demanding chapter 11 process while giving up the relatively straightforward chapter 7 process that can also discharge all of his debts. Chapter 11, when compared to chapter 7, is more likely to result in greater recovery for YT’s creditors and therefore substantially reduces the risk that only a small portion of the debt is paid. Second, the filing will prevent the freezing and liquidation of YT’s assets at low price by a few destructive creditors, which undoubtedly would result in lower recovery for the creditor body as a whole. Third, the chapter 11 case reduces the time and capital costs and uncertainties for the creditors if they were to exercise their rights in other ways.
4.Over 90% of YT’s debts are debts he guaranteed for his businesses in China. Since certain creditor froze all the assets and operating accounts of YT and LeEco group (which are worth substantially greater than the default amount) that directly caused a halt to the ordinary operation of LeEco group and led to its collapse, as of today, YT has repaid over US$3 billion worth of debts, with unpaid amount of around $3.6 billion. His net debt is around US$2 billion, after deducting the value of the assets that are frozen but yet to be disposed in China and the guarantees for certain convertible loans.
5.After YT pays off his guarantee obligations for the benefit of the original obligors including borrowers and other guarantors, YT will step into the shoes of the creditors and become the new creditors of such original obligors. YT team plan to discuss with such original obligors regarding the relevant documents pursuant to which the original obligors will pay YT and wish to receive the parties’ cooperation and support thereto.
6.After the successful completion of his individual restructuring, YT will have transferred all his personal assets and related economic rights recognized by the court in the United States to creditors and his personal guarantee and debt obligations will be deemed to be satisfied and discharged. It is anticipated that he can go back to China and push forward and implement FF’s dual home market strategy. This brings great impetus to FF’s capital raising efforts and planned future IPO, and it is particularly significant for the rapid progress of FF’s China business.
7.YT gave up his entire interest in the FF shares and related economic interest for the sole purpose of paying off his debts completely and making FF a great company. Proposed by YT, FF established a partnership program, which sets solid foundation for an advanced corporate governance structure and talent base. FF will continually attract global talent across industries through the partnership program. As the founder and Chief Product and User Officer, YT will continue to inspire the management team to achieve strategic goals, maximize the value of FF and the creditor trust, so as to achieve the goal of debt repayment for all creditors through bringing up the value of the trust assets.
8.YT is soliciting votes of his creditors for the sole purpose of approving his personal restructuring plan, but not with respect to the specific debt amount of the creditors. The debt amount of each creditor will be reviewed and confirmed by the U.S. court.
If any direct, indirect or guarantee creditor of YT would like to obtain more information or file a claim in YT’s bankruptcy case, please visit: https://dm.epiq11.com/YT1
For media inquiries and inquiries regarding the creditor trust or YT’s debt –
Email: [email protected]
Phone: (+86) 138-1150-9018
For inquiries related to the voting, please contact EPIQ Global –
Email: [email protected]
The call center numbers are as follows:
Non US Parties (China): 400-120-3077*
Toll free US: (+1) 855-963-0391
Non U.S. Parties: (+1) 503-520-4401
*Chinese service will be available starting 10/15/2019
Yueting Jia’s Debt Project Team
October 14, 2019