AutoBeta(AutoBeta.net)02/12 Report--

Jia Yueting, founder and former CEO of Faraday FF, has filed for divorce after it was revealed that he had gone bankrupt and was compensated by his wife Gan Wei for a "sky-high price" of nearly 571 million US dollars (3.983 billion yuan).

It is reported that this is Jia Yueting disclosed on January 28 in a bankruptcy reorganization application statement. Jia Yueting filed for bankruptcy reorganization, and his wife, Gan Wei, not only filed for divorce, but also filed a lawsuit against Jia Yueting for $571 million, or about 3.983 billion yuan, according to various documents he disclosed.

It was also mentioned that Jia Yueting and his wife Gan Wei applied for divorce at the people's Court of Jinjiang District, Chengdu, Sichuan Province on October 11, 2019, when the status of the case showed that the case was under trial. In addition, the divorce case was initiated by Gan Wei to the court.

In fact, this claim is not much compared to Jia Yueting's debt, but Jia Yueting certainly can't bring it out, whether it's his wife's lawsuit or debt.

According to previous media reports, Jia Yueting has repaid more than $3 billion in debt, and the total outstanding debt is about $3.6 billion. If you subtract the secured debt that has been frozen for disposal of domestic assets and convertible shares, Jia Yueting's remaining net debt is about $2 billion.

In order to thoroughly solve the personal domestic debt problem, Jia Yueting has filed for personal bankruptcy reorganization (Chapter 11) in the United States, and has set up a creditor trust controlled and managed by the creditor committee and the trust trustee. Upon completion of the program, Jia Yueting will transfer all his equity in Smart King Limited (Faraday Future Global holding Company) to the creditor trust fund to better protect the interests of creditors and repay the debt.

According to the scheme, all FF shares and related income rights held by Jia Yueting are officially transferred to the creditor trust, which will be controlled and managed by the creditor committee and the trust trustee.

On October 14, 2019, Jia Yueting filed for bankruptcy reorganization in Delaware. On December 18, 2019, the judge of Delaware bankruptcy Court made a decision to transfer Jia Yueting's personal bankruptcy reorganization case to the bankruptcy Court of Central California.

Although the new Faraday future CEO Bi Fukang recently revealed that FF91 expects to achieve mass production delivery in September this year. It also said the company expects the next round of financing to be completed in the first quarter of this year, with a total planned financing of about $850 million. IPO opportunities will be sought 12 to 15 months after financing is completed and the funds are in place. As long as financing is in place, the next step of mass production can be carried out immediately.

However, in the face of financing problems, Faraday still suffered various problems again and again, including his former global general counsel Liu Hong sued FF for fraud induced by false information, unlawful dismissal, intentional mental loss of litigants and false statements that caused negligence, seeking compensation of 106 million US dollars.

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