Welcome
Bankruptcy Law News

Founder of Electric Vehicle Startup Faraday Files Bankruptcy (1)

Oct. 14, 2019, 6:44 PM

Jia Yueting, an entrepreneur who ran up billions of dollars in personal debts trying to build a business empire in China, has filed for bankruptcy in the U.S. with plans to turn over his latest venture, an electric vehicle startup, to creditors.

In a proposed debt-restructuring plan filed in federal court in Wilmington, Delaware, Jia will use his ownership stake in Los Angeles-based Faraday & Future Inc.to set up a creditor trust to repay his debts.

Faraday Future FF91 electric car

Jia faces $2.3 billion in claims, according to the plan. In a statement on Faraday’s website, the company said Jia’s debts...

To read the full article log in. To learn more about a subscription click here.