The debt processing team insisted that Jia Yueting had disclosed all the assets.
On November 26, Jia Yueting hosted a creditors meeting at Faraday Future (FF) headquarters. More than 30 people representing 20 creditor institutions visited the FF company, took a test ride on the FF91 car, and discussed debt restructuring options.
Creditors in China finally met Jia Yueting, who was on a journey to the ocean, and he later came across a face-to-face apology. Jia Yueting said, “ I am confident that we can reach a debt restructuring plan that meets the interests of all parties as soon as possible and completely solve the debt problem.”
Jia Yueting said, “The success of debt restructuring determines the life and death of FF, and also determines the interests of creditors.” However, today ’s meeting will not vote, and the specific voting session is set in December. Mid to late formal creditors meeting.
The current restructuring plan proposed by Jia Yueting is to set up a debt service trust by Jia Yueting and load the FF shares it holds, and the creditors will be replaced by the corresponding trust share assets according to the amount of debt they hold . Of course, the premise of accepting this plan is to recognize the value of FF shares.
But many domestic creditors do not understand the operation of FF company. Since its inception, this company has been accompanied by various negative news, such as lagging production capacity, broken capital chains, car fires, mischief with investor Sun Hongbin Xu Jiayin, and CEO midway substitutions. Today, Jia Yueting invited the creditors to the headquarters to take a test ride on the new car, hoping to impress them and persuade them to replace the debt in their hands with the shares of FF.
Of course, those creditors who obviously would not accept the plan were not invited at all, such as Shanghai Lazy Asset Management Company (hereinafter referred to as “lazy money”). Lazy Money is one of three creditors who filed a lawsuit against Jia Yueting in the United States and tried to freeze his assets. The other two are Shanghai Kaiyue Yueming Investment Partnership and Jinan Ruisile Enterprise Management Consulting Partnership.
Lazy has filed an application to the court to reject Jia Yueting’s bankruptcy reorganization because the company believes that Jia Yueting’s application for bankruptcy in the United States is very bad for Chinese debtors. Moreover, the company believes that Jia Yueting hid a large amount of property through others, but the related investigation was suspended by the court due to Jia Yueting’s application for bankruptcy.
Jia Yueting’s declared property information shows that Jia Yueting holds non-publicly traded shares and equity valued at US $ 1.41 billion. The highest value is West Coast LLC, a subsidiary of FF Faraday’s parent company, reaching US $ 860 million, followed by Pacific Technology Holdings with a value of US $ 320 million, and the third is LeTV.Based on the company’s pre-IPO stock price, it was valued at approximately $ 220 million.
According to statistics, Jia Yueting’s unfrozen deposits are only $ 67,000, and domestic frozen deposits are about RMB 300,000. In addition, Jia Yueting purchased 6.5 million US dollars worth of funds, bonds and stocks in the United States.
According to previous documents submitted by Jia Yueting, the total debt owed was US $ 3.6 billion, but Zhang Miao, legal director of Jia Yueting’s debt restructuring group, said today that the actual total debt should be US $ 3.2 billion because of previous double counting Case.
Miao Zhang also said that Jia Yueting ’s house in the United States is rented, not bought. However, this is a 5,300-square-meter building with a construction area of 724 square meters. It has 4 rooms, 7 bathrooms, 4 parking spaces, and a large mansion next to the mountains. It is currently valued at USD 8.92 million and the monthly rent is USD 32,000.
Jia Yueting’s debt processing team insists that Jia Yueting has announced all assets.
Regarding the reasons why creditors and other creditors were not invited to the meeting, a FF company spokesperson said that for companies that do not meet or even contradict the interests of most creditors, the debt team did not invite them. “Since last year, some malicious creditors have been trying to freeze the FF shares held by Jia Yueting, and now trying to obstruct Jia Yueting’s debt restructuring process is to achieve its purpose of maliciously embezzling Jia Yueting’s assets. This is not consistent with the purpose of this conference It is also inconsistent with the interests of participating creditors. “