Original title: Jia Yueting's list of creditors exposed: more than 100 creditors, Yingda capital claims US $280 million source: website of the financial community
On October 14, 'Jia Yueting's debt Handling Group' announced that Jia Yueting had taken the initiative to apply for personal bankruptcy reorganization. According to the bankruptcy application documents released by the court, his personal assets exceeded US $500 million, his debts exceeded US $1 billion and his creditors exceeded 100. The largest creditor is Shenzhen Yingda capital, with a debt of US $279 million.
Extended reading:
Jia Yueting's debt processing team said in a statement on his microblog on the 14th that Jia Yueting had taken the initiative to apply for personal bankruptcy reorganization in accordance with Chapter 11 of relevant U.S. laws on October 13 local time. This is Jia Yueting's best plan to solve the problem of personal debt and maximize the interests of creditors.
Jia Yueting's debt treatment team said that the plan will also establish a creditor trust and transfer all assets in the United States to creditors when conditions are met. After the completion of the scheme, Jia Yueting will no longer hold any equity of Faraday's future holding parent company smart King (hereinafter referred to as FF)). Combined with the completed partnership system, the scheme will lay a solid foundation for the success of FF and become a great company, so as to accelerate the process of maximizing the value of FF equity assets constituting creditor trust assets and completely solve Jia Yueting's direct, personal guarantee and indirect debt problems.
Jia Yueting's debt treatment team believes that this scheme gives creditors triple protection. First, the creditor still retains the right to dispose of all the frozen Chinese assets of Jia Yueting and other direct debtors; Second, the original debtors and guarantors other than Jia Yueting continue to perform their debt repayment obligations; Third, compared with the previous right to claim repayment from the guarantor Jia Yueting, according to this scheme, all creditors have the legal right to participate in the disposal of Jia Yueting's assets through creditor trust and obtain relevant benefits, which is equivalent to a strong debt repayment guarantee at the legal level;
In addition, the scheme can also let creditors avoid three risks. First, Jia Yueting chose the more difficult personal bankruptcy reorganization (Chapter 11) scheme and abandoned the simple, low-cost personal bankruptcy liquidation (Chapter 7) which can directly exempt all debts; Compared with Chapter 7, Chapter 11 is more likely to make creditors get greater repayment, thus reducing the risk that creditors can only get a small part of debt repayment. Second, the program will also prevent individual creditors from maliciously freezing and auctioning Jia Yueting's personal assets at a low price, resulting in creditors as a whole getting less repayment. Third, Reduce the time cost, capital cost and uncertainty risk of creditors exercising their creditor's rights in other ways.
It is reported that Jia Yueting, as the founder of FF and cpuo, will continue to promote the FF team to complete the established strategic objectives and maximize the value of FF equity assets and creditor trust assets, so as to enable all creditors to achieve the debt repayment goal through the appreciation of trust assets.
According to media reports, at present, there are few personal debts really belonging to Jia Yueting, and more than 90% of the debts are guaranteed for the company. Up to now, Jia Yueting has successively repaid more than US $3 billion of debt for the company, and the total remaining debt is about US $3.6 billion. After deducting the frozen domestic assets to be disposed and the guaranteed debt convertible into shares, the net debt is about US $2 billion.