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On October 11, Jia Yueting submitted a monthly document on personal bankruptcy reorganization to the Delaware bankruptcy court. According to Jia Yueting's bankruptcy plan, creditors are required to vote on November 8, 2019 whether to agree to the bankruptcy plan. If 90% of the creditors agree, the bankruptcy reorganization will be carried out in accordance with the current plan.

Recently, according to documents released by the Delaware bankruptcy Court, only 23% of creditors agree with Jia Yueting's bankruptcy reorganization plan, so Jia Yueting needs to withdraw the bankruptcy plan currently submitted and postpone the voting period. Jia Yueting can continue to modify the bankruptcy plan, and the court will hold a hearing on December 18 to listen to the views of both creditors and debtors to determine whether to agree to the new plan.

According to the bankruptcy reorganization plan of the US court, Jia Yueting has 180 days to put forward a bankruptcy reorganization plan that satisfies the creditors, but for the bankruptcy reorganization plan to proceed smoothly, it must be agreed by 2/3 of the creditors. and agree that the debt of the creditor accounts for 50% of the total debt. At present, Jia Yueting has a total of 154creditors with a total debt of 2 billion yuan, which means that Jia Yueting's bankruptcy reorganization can only be carried out if the 103 creditors pay attention to the bankruptcy reorganization plan.

However, if Jia Yueting cannot put forward a bankruptcy reorganization plan to the satisfaction of creditors within 180 days, then creditors have the right to propose a new bankruptcy reorganization plan to replace Jia Yueting's plan. Of course, Jia Yueting can apply again to extend the deadline for submitting the proposal, but the maximum is no more than 18 months.

Among Jia Yueting's creditors, ou Feiguang made clear his opposition to Jia Yueting's bankruptcy reorganization, arguing that Jia Yueting's disclosure of bankruptcy documents in English caused Chinese creditors not to have enough time to understand the bill and to make a correct judgment.

In January 2018, Oufeiguang sued Jia Yueting in the US court, demanding that he be held responsible for Letv's arrears of Ofei's optical payment, which is about 160 million yuan.

Last month, Jia Yueting filed for personal bankruptcy reorganization in the United States. FF website said that in order to completely solve the personal domestic debt problem, Mr. Jia Yueting, founder and CPUO of FF, has applied for personal bankruptcy reorganization in the United States and set up a creditor trust controlled and managed by the creditor committee and the trust trustee. Upon completion of the plan, Mr. Jia Yueting will transfer all his equity in Smart King Limited (Faraday Future Global Holdings) to the creditor trust fund to better protect the interests of creditors and repay the remaining debt. After the completion of the plan, Jia Yueting will no longer hold any future stake in Faraday.

However, if the FF founded by Jia Yueting wants to raise funds as soon as possible, it must implement bankruptcy restructuring as soon as possible, and the longer it entangles with creditors, the greater the crisis of FF.

Over the past few years, FF has been teetering on the brink of bankruptcy many times, and the new car is still unable to reach mass production two and a half years after its launch. In September, Bi Fukang succeeded Jia Yueting as FF's new CEO. Bifukang said it will raise $850 million by the first quarter of next year and start looking for IPO opportunities 12 to 15 months after the funds are in place, and the financing is not expected to be hampered by the founder's debt problems. In addition, Bi Fukang also said that FF91 is expected to be delivered by September 2020.

With regard to Jia Yueting's application for personal bankruptcy and restructuring, Bi Fukang believes that it is a very good thing for the company, because it distinguishes his personal debt problems from the company's problems, thus sacrificing himself and saving the company.

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