The net cash outflow from production and operation activities was US $ 512 million. In the first seven months of this year, the net cash outflow from production and operation activities was US $ 28.6 million. According to the previous rate of burning money, the cash on FF’s current account is difficult to maintain until the end of the year. FF needs to raise funds as soon as possible, but more than 40% of FF equity held by Jia Yueting has become the company’s right to raise funds by issuing new shares.
Only when FF obtains funds can there be hope of seeing this company reborn, but the debt problem is not resolved, and FF is difficult to obtain new funds. The debt problem depends on the wishes of creditors. Before progressing, it is difficult for creditors to have sufficient reasons to believe that the FF shares acquired will have the potential to add value. At this point, Jia Yueting, the creditor and FF have formed a dead knot that has been difficult to solve so far.
Creditors’ first meeting with Jia Yueting
In October of this year, Jia Yueting, in the United States, issued a public invitation to his creditors, saying that he would “have the opportunity to apologize to everyone in person” at the creditors’ meeting, and will also work with the partner team to “in-depth communicate FF financing with creditors And IPO planning, short-to-medium and long-term strategic planning and progress, and invited to test drive FF91. “
More than a month later, more than 30 creditor representatives from China came to the FF headquarters in Los Angeles, USA, to participate in this creditor meeting organized by Jia Yueting.
According to Tencent News’ “Perspective”, during the US bankruptcy and reorganization case, such direct communication between the creditor and the debtor without going through court procedures is encouraged. This is a process of increasing mutual understanding between the two parties.
Specifically, the purpose of this conference organized by Jia Yueting is to further strengthen the communication between the two parties. Jia Yueting hopes to take this opportunity to further explain to the creditors his proposed debt restructuring plan, and the creditors who came to the scene also hope to see on the ground, what is the current operating status of FF.
Tencent News “Perspective” learned at the scene that the creditor representatives have come to the FF headquarters one after another at about 8:30 in the morning. The security guard at the FF gate held the list of invited representatives. The incoming people are checked one by one.
The schedule of the day is to visit the FF R & D workshop in the morning and experience the FF91 test ride, and hold a meeting in the afternoon to discuss the debt restructuring plan.
Tencent News “First Line” interviewed Zhang Miao, the legal director of Jia Yueting’s debt restructuring team and Jia Yueting’s personal agent at the event site. She said that Jia Yueting’s total debt is currently US $ 3.2 billion, which was not previously in the court documents. $ 3.6 billion announced because previous debt amounts involved double counting.
She told Tencent News “Perspective” that the main purpose of the event was to fully communicate the details of the restructuring plan with creditors, listen to the opinions of creditors, and strive to maximize the restructuring plan to meet the interests of creditors.
According to Tencent News