AutoBeta(AutoBeta.net)02/29 Report--

On February 29, Jia Yueting's debt processing team issued a statement saying that Jia Yueting had formally submitted a list of core terms of bankruptcy reorganization to the Central District Court of California, which was signed by Jia Yueting and the creditor committee after several rounds of negotiation and agreement. Jia Yueting plans to submit a new disclosure statement based on the core clause list this week and start the voting process after the court approves the disclosure letter to push the restructuring to completion as soon as possible, when FF's global financing and development will also move towards the fast track.

According to the submitted list of core terms of bankruptcy reorganization, Jia Yueting made huge concessions in negotiations with the debt committee, Jia Yueting will no longer ask for the release of China's debt security rights, directly obtain quasi-debt repayment amount to reach the agreed proportion. At the same time, creditors will continue to have the right to dispose of Jia Yueting's frozen or pledged assets in China. In addition, creditors will receive 4% interest and up to US $1 billion in excess income according to the principle of accumulated step-by-step division. However, after successful bankruptcy reorganization, Jia Yueting's debt guarantee in the United States will be automatically released according to legal procedures.

Since Jia Yueting filed for bankruptcy reorganization in the United States last year, it can be said that there have been twists and turns. On October 11, Jia Yueting submitted a document on personal bankruptcy reorganization to Delaware Bankruptcy Court of the United States. All FF equity and related income rights held by Jia Yueting were transferred to creditor trust, which will be controlled and managed by creditor committee and trust trustee; On November 26, Jia Yueting Creditors 'Conference was officially held at FF headquarters in the United States, and 35 creditors and representative lawyers from 20 creditor institutions attended the creditors' conference; On December 6, Jia Yueting held another creditors 'meeting to truthfully answer all creditors' questions in accordance with legal procedures, and to answer creditors 'questions about assets, FF development prospects and FF global partnership plan.

Jia Yueting and creditors reached an agreement on the core terms of bankruptcy reorganization. Jia Yueting said that he was confident to push forward the completion of bankruptcy reorganization case as soon as possible together with the debt committee and creditors supporting him, so as to remove the biggest obstacle to FF's business development in China and global equity financing, make every effort to maximize FF asset value, and then protect the best interests of all creditors and thoroughly solve the debt problem.

Insiders said, Jia Yueting creditors mainly have two categories, One is able to sue overseas, The purpose is to find Jia Yueting hidden assets evidence; The other is domestic mortgage financial institutions, Although the mortgage principal is not enough, But if can reach an agreement is better than no. Jia Yueting's list is to maximize the support of the second class of creditors to promote bankruptcy reorganization.

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