Faraday Future’s founder and former CEO Jia Yueting has filed for Chapter 11 bankruptcy in Delaware court in a bid to satisfy his myriad debts in China. The Chinese tycoon claims he still owes around $3.6 billion to more than 100 creditors, thanks, in large part, to the collapse of LeEco, the tech conglomerate he founded there. The bankruptcy filing marks a major turn in the story of Jia’s prolific history of taking on debt, which led to him being named to a national debtor blacklist in China and sparked his move to the United States in 2017.

Before proceeding in court with Chapter 11, though, Jia is offering to satisfy those debts through a trust backed by the value of his ownership stake in Faraday Future. This trust will only pay out to creditors if and when the startup goes public. (This resembles but is separate from the plan Faraday Future laid out earlier this year for suppliers who are owed money, which was put together by Birch Lake Associates, a Chicago-based restructuring firm)...

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Should We Be SURPRISED? Faraday Future's...FUTURE...Hangs In The Balance Of Its Founder And Former CEO's Bankruptcy Proceedings

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