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Jia Yueting wrote to more than 100 creditors on November 11, saying that he was the first person in charge of Letv's ecological failure, resulting in the debt could not be repaid in time and would be in closer contact with the creditors in the future.

"during his two years in the United States, paying off debts and returning home and turning FF into a business are his two major tasks." According to Jia Yueting's letter, he has repaid more than $3 billion in debt and about $3.6 billion in outstanding debt, minus the secured debt that has frozen domestic assets to be disposed of and convertible, with a net debt of about $2 billion.

Jia Yueting also said in the letter that although bankruptcy reorganization is more difficult than default bankruptcy liquidation, he will still choose bankruptcy reorganization. The most important thing in the next stage of life is to completely pay off debts, restore reputation, and make FF a dream come true. Even if we walk to the edge of the cliff, we firmly believe that FF will succeed. As long as we are alive, there are a million possibilities, we will be able to repay our debts, we will be able to return to China, we will be able to make FF, and our dreams will come true.

In addition, Jia Yueting also invited creditors to visit FF's Los Angeles headquarters and attend the creditors' meeting in Los Angeles on November 25, local time, giving him the opportunity to apologize to the creditors in person and communicate about the bankruptcy restructuring plan.

However, since Jia Yueting pushed the ecology of Letv, which he founded, into the abyss, and after the United States founded FF, Jia Yueting eventually filed for bankruptcy and reorganization in the United States because he failed to repay his debts, so Jia Yueting was given the name of "Lao Lai." when he wrote to the creditors this time, some netizens said, "is it difficult for the United States to mix?"

Last month, Jia Yueting submitted a document on personal bankruptcy reorganization to the Delaware bankruptcy court, which aroused heated discussion and concern among netizens. FF also issued a notice saying that Jia Yueting has filed for personal bankruptcy reorganization in the United States to thoroughly solve the personal domestic debt problem, and set up a creditor trust controlled and managed by the creditor committee and the trust trustee.

Under the Jia Yueting bankruptcy plan, creditors are required to vote on November 8, 2019 whether to agree to the bankruptcy plan, and if 90% of the creditors agree, the bankruptcy restructuring will be carried out in accordance with the current plan.

Although it has been several days since the vote, neither FF officials nor Jia Yueting's debt handling team have released details of the vote. However, some media reported that according to documents disclosed by the court, only 23% of the creditors agreed with the bankruptcy reorganization plan put forward by Jia Yueting, 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.

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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