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Jia Yueting submitted a document about applying for personal bankruptcy reorganization to the court in the United States, according to relevant media citing people familiar with the matter. After applying for personal bankruptcy reorganization, Jia Yueting will transfer all assets to creditors through a creditor trust, which will be controlled and managed by the creditor committee and the trust trustee. This means that Jia Yueting will no longer hold Faraday's future shares.

In response to Jia Yueting's submission of personal bankruptcy restructuring, Faraday, founded by Jia Yueting, said in the future that Jia Yueting's personal debt was handled by domestic debt, and FF did not have much news.

Leeco also said that it is not clear about the specific progress, but it is certain that Mr. Jia Yueting has been planning the relevant debt repayment plan and is willing to make huge sacrifices.

Since the crisis broke out by Letv in 2017, Jia Yueting has left the United States and devoted all his energies to the future development of Faraday. In August, it was reported that Jia Yueting might resign as future CEO of Faraday and set up a trust fund to repay personal debts, funded by the proceeds from Jia Yueting's future shares in Faraday and the funds obtained from the sale of his personal shares. In September, Faraday Future officially announced that Bi Fukang, founder of Baiteng Motor, would be appointed as Faraday Future CEO, while Jia Yueting will resign from his former CEO position to become CPUO (Chief Product and user Officer).

Jia Yueting, who resigned as Faraday's future CEO, is more conducive to the establishment of trust funds and faster repayment of personal debts. According to the official news released by FF, Jia Yueting has repaid 3 billion US dollars in debt through asset disposal and other means since the outbreak of Letv's financial crisis.

Jia Yueting also said to the move: I give up everything only to make FF, pay off the remaining secured debt as soon as possible, and realize the dream of changing the auto industry.

Jia Yueting submitted bankruptcy reorganization to the United States. At present, Jia Yueting himself or his domestic debt group has not explained the "bankruptcy reorganization". We will continue to pay attention to it.

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