AutoBeta(AutoBeta.net)10/17 Report--

On October 14, Jia Yueting's debt handling team officially released relevant information about Jia Yueting's application for personal bankruptcy reorganization in the United States. according to its contents, Jia Yueting will set up a creditor trust and transfer all assets in the United States to creditors.

As the news spread that Jia Yueting had filed for personal bankruptcy reorganization in the United States, his personal financial situation was also exposed. After the completion of the plan, Jia Yueting will no longer hold any stake in Faraday Future.

Jia Yueting earned $93810 a month in the first half of filing for bankruptcy on Oct. 14, according to bankruptcy company documents and documents disclosed on the website of filing company Epiq Cases.

Jia Yueting's total salary, salary, expenses, bonuses, overtime pay and commission (before all wages are deducted) is about $50000, according to the documents. Net income from rent and other real estate was $43810. Based on that, Jia Yueting's monthly income is about $93810 (about 665300 yuan).

Previously, Jia Yueting's debt processing team said that more than 90% of Jia Yueting's debts were guaranteed for the company. So far, Mr. Jia Yueting has repaid more than 3 billion US dollars of debts for the company, and the total outstanding debt is about 3.6 billion US dollars. Minus the frozen domestic assets and convertible secured debt, the net debt is about 2 billion US dollars.

Jia Yueting estimated that his assets were worth between $500m and $1 billion, his debts were worth between $1 billion and $10 billion, and he had 100 to 199creditors, according to documents filed for personal bankruptcy on Oct. 15.

The document lists Jia Yueting's 20 largest unsecured creditors, with claims totaling $2.491 billion (about 17.6 billion yuan). The largest creditor is Shenzhen Yingda Capital Management Co., Ltd. (now Beijing Yingda Capital Management Co., Ltd.), with a claim of US $280 million. Citic Bank and Ping an Bank are the second and third largest creditors of Jia Yueting respectively.

Jia Yueting debt handling team said that in order to fulfill its commitment to the creditors to the end, better and more quickly and thoroughly solve the personal debt problem, so that every creditor can have an equal opportunity to repay the debt, Jia Yueting took the initiative to file for personal bankruptcy restructuring in the United States. As part of the personal bankruptcy reorganization plan, the creditor trust controlled and managed by the creditor committee and the trust trustee will also be established at the same time. All Jia Yueting's assets and related income determined by the US court will also be transferred to creditors in this way.

Another document disclosed on the Epiq Cases website shows that Jia Yueting's personal bankruptcy reorganization needs 90% of the consent of creditors and final court approval before it can take effect. Once creditors agree to Jia Yueting's personal bankruptcy reorganization plan, it means that these creditors will agree to suspend the recovery of Jia Yueting's debts. On the contrary, if the personal bankruptcy reorganization plan is not supported by the creditors, then Jia Yueting has the right to make a second vote on the plan or adopt a new personal bankruptcy reorganization method, or even change it to bankruptcy liquidation, once changed to bankruptcy liquidation, this means that creditors may not be able to recover. The deadline for the prepackaged plan vote, which is voted by creditors, is 5: 00 p.m. on November 8, 2019, Beijing time.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat