Faraday Future Tycoon Exits Ch. 11 After $3.5B Reorg
Law360 (July 2, 2020, 7:33 PM EDT) — A Chinese tycoon and founder of electric car startup founder Faraday Future reported a successful emergence from a personal Chapter 11 in California that briefly detoured through Delaware bankruptcy court reported a successful emergence from bankruptcy Thursday, following confirmation of a more than $3.5 billion reorganization.
According to a disclosure statement in the U.S. Bankruptcy Court for the Central District of California, Yueting Jia completed the restructuring largely by contributing all of his “legally recognized personal assets” to a creditors trust, with the parent company of Faraday Future, the car company he founded in 2014, a major beneficiary.
Many of Jia’s…