Faraday Future (FF), a California-based global intelligent mobility company, announced Friday that the United States Bankruptcy Court for the Central District of California entered an order officially on May 21st confirming the chapter 11 reorganization plan (the “Plan”) for Faraday Future (FF)’s founder and Chief Product and User-Eco officer(CPUO), YT Jia.
After receiving overwhelming support from creditors that voted on the Plan and overcoming objections from a few holdout creditors, YT has confirmed the Plan and he anticipates that it will become effective in June of this year. Confirmation of YT’s Plan should prove to be an enormous benefit to all of YT’s creditors and act as a springboard for the closing of FF’s upcoming financing round.
As the first Chinese citizen who applied for bankruptcy reorganization in the United States that involves billions of dollars, YT’s efforts to fulfill his obligations to his creditors has reached a key milestone. YT’s creditors are now one step closer to obtaining the valuable recovery upon their claims and the Plan has positioned YT’s creditors to enjoy the future success of FF along with the FF Partners and employees.
Court approval of YT’s Plan has removed the biggest hurdle in FF’s equity financing efforts. Taking into account FF’s advanced product line, cutting edge technology and expected asset value, FF anticipates that its equity financing targets will be met, and the FF 91 will be delivered soon.
“YT and his restructuring team would like to express their deep gratitude and appreciation for the efforts of all of YT’s creditors regardless of their positions taken in the chapter 11 case”. said the company in a press release. As Founder and CPUO of FF, YT will continue his efforts to make FF successful and fulfill the obligations to his own creditors created by the Plan.
Despite both the challenges of funding and the COVID-19 global pandemic, FF is still using available resources for product testing and business development and has made positive progress. Taking I.A.I (Internet, Autonomous Driving and Artificial Intelligent) as an example, the team has been adjusting and upgrading the software and Internet systems, which ensures FF 91’s continuously industry-leading position at the I.A.I level upon delivery.
Recently, FF has also reached a strategic cooperation with NVIDIA, a leading autonomous driving chip provider, who will provide FF with the NVIDIA DRIVE AGX Xavier platform for use in its flagship ultra-luxury FF 91 electric vehicle. FF is delivering a vehicle that is intuitively connected, autonomous-ready and holistically designed, with unparalleled performance.
About Faraday Future
Faraday Future is a California-based global intelligent mobility eco-system company, focused on the development of electric vehicles (see article). Established in May 2014, FF is a global company, headquartered in Los Angeles.