为彻底解决个人国内债务问题,Faraday Future创始人兼CPUO贾跃亭先生已经在美国申请个人破产重组(Chapter 11),并成立了由债权人委员会和信托受托人控制和管理的债权人信托,该方案完成后,贾跃亭先生将把其在Smart King有限公司(Faraday Future全球控股公司)的所有股权转让给债权人信托基金,以更好地保护债权人利益并偿还债务。
本方案不会影响FF的日常运营,并且会对FF产生多重利好:
贾跃亭先生个人债务问题有望就此解决,这将会是FF尽快完成股权融资和IPO目标的重大利好,FF推行的中美双主场战略也将得到更好的落实和推进。
贾跃亭先生将继续以公司创始人和CPUO的身份带领FF团队并履行相关职务以完成战略目标,实现FF股权资产价值和债权人信托资产价值最大化,让所有利益相关方一同受益;
本次重组不会影响员工股票期权或员工股票期权行使后获得的FF股份的所有权,FF将继续通过员工持股方案持续吸引精英人才的加盟。
Faraday Future
2019年10月14日
Statement Regarding Faraday Future Founder Yueting Jia's Bankruptcy and Restructuring and Establishment of Creditor Trust
The Founder and CPUO of Faraday Future, Yueting Jia(YT), has filed for bankruptcy and restructuring under Chapter 11 in the United States,this was done to address his personal debts in China. In connection with the filing, a ‘creditor trust’ for the benefit of YT’s creditors is planned to be established, which will be jointly managed by a committee of creditors and the trustee. YT plans to transfer all his existing equity interest in Smart King Limited, the global holding company for Faraday Future, to the creditor trust to better protect his creditors and repay his debt.
This matter will not affect any of FF’s normal business operations. The Plan will in fact have multiple benefits for FF in the following ways:
This Plan provides YT an opportunity to address his personal debts, help facilitate FF’s equity financing efforts and prepare for an IPO, and further advance the implementation of FF’s US-China dual home market strategy.
YT will continue to be involved with the FF team to complete its strategic goals in the capacity of FF's founder and Chief Product & User Officer (CPUO) and to maximize the value of FF and the assets in the creditor trust. The Plan benefits all stakeholders.
This filing for restructuring will not affect the ownership of employee stock options or shares in FF acquired upon exercise of employee stock options. Employee stock options will remain an effective tool to help FF continuously assist in the recruitment of future talent.
Faraday Future
October 14, 2019
附:有关贾跃亭先生个人破产重组及成立债权人信托的声明
为了履行对于债权人尽责到底的承诺,更好更快地彻底解决个人债务问题,让每一位债权人可以得到平等偿债的机会,贾跃亭先生于10月13日在美国主动申请个人破产重组(Chapter 11)。(根据该方案,将同时设立债权人信托,并在条件满足的时候把全部在美国资产转让给债权人。该方案完成后,贾跃亭先生将不再持有任何法拉第未来的控股母公司Smart King股权(以下统称FF))。结合已完成的合伙人制,该方案将为FF的成功并成为一个伟大的公司奠定了坚实的基础,从而加速构成债权人信托资产的FF股权资产价值最大化的进程,彻底解决贾跃亭先生的直接、个人担保及间接债务问题。
以下是该方案的简单介绍:
1. 根据该方案,在英属维尔京法院的禁令解除后,贾跃亭先生将把美国法院认可的全部个人资产,即个人持有的全部FF股权及相关收益权正式转入债权人信托;该信托由债权人委员会和信托受托人控制和管理,这是贾跃亭先生解决个人债务问题、保障债权人利益最大化的最佳方案;
2. 此方案给予了债权人三重保障。第一,债权人依然保留对贾跃亭先生及其他直接债务人原有被冻结的所有中国资产的处置权;第二,除贾跃亭先生之外的原有债务人及担保人,继续履行他们的还债义务;第三,与之前只是拥有向担保人贾跃亭先生要求偿债的权利相比,根据本方案,全体债权人在法律上有权利通过债权人信托参与贾跃亭先生资产的处置并获得相关的收益,相当于在法律层面获得了强有力的偿债保障;
3. 同时该方案也可以让债权人规避三大风险。第一,贾跃亭先生选择了难度更大的个人破产重组(Chapter 11)方案,放弃了简单、低成本和可以直接豁免所有债务的个人破产清算(Chapter 7); 和Chapter 7 相比,Chapter 11有更大的可能性使债权人得到更大的偿付从而减少了债权人只能得到少部分债务偿还的风险,第二,该程序也会防止个别债权人的恶意冻结及低价拍卖贾跃亭先生个人资产的行为,导致债权人作为一整体拿到更少的偿付,第三,减少债权人采取其他方式行使债权的时间成本、资金成本和不确定性风险。
4. 贾跃亭先生90%以上的债务都是替公司担保的债务,自从被某债权人超额冻结(远远大于欠债总额)所有贾跃亭和乐视的资产及银行经营帐户已直接导致公司无法正常运营,直至乐视崩塌以来,截至目前贾跃亭先生已替公司偿还债务超30亿美金,待偿还债务总额约为36亿美金,减去已冻结待处置国内资产以及可转股的担保债务,债务净额约为20亿美金。
5. 贾跃亭先生个人担保债务实现代偿还后,现实际借款人以及共同担保人的债务将转移至新债权人贾跃亭先生名下,并应向贾跃亭先生进行偿还。贾跃亭个人还债小组将会在下一步与相关借款人及共同担保人签署向贾跃亭先生的还款协议,并希望各方予以配合及支持。
6. 个人破产重组方案完成后,贾跃亭先生把个人所持有的全部FF股权和相关收益权转让给债权人,个人担保义务和债务得以解除,从而可以回国推动和落实FF中美双主场战略,这对FF成功融资和未来IPO都是重大利好,尤其对FF中国业务的快速发展意义重大。
7. 贾跃亭先生放弃所有FF股权及相关收益权,只为彻底地还债,以及把FF做成一个伟大的公司。贾跃亭先生力推的FF合伙人制改革已经完成,为FF成为伟大的公司奠定了先进的公司治理架构基础,并通过合伙人机制源源不断地吸引全球跨行业的精英共同创业。贾跃亭先生将继续以FF创始人和CPUO的身份推动FF团队完成既定战略目标,实现FF股权资产价值和债权人信托资产价值最大化,从而使全体债权人通过信托资产的增值实现偿债目标。
8. 此次债权人投票行为仅为确立贾跃亭个人破产重组方案而非具体债务金额,债务金额将经由美国法院进行最终审核及确认。
如果您认为自己是贾跃亭先生直接、个人担保及间接债权人,想提出相关诉求或了解更多信息,请参阅以下链接:
https://dm.epiq11.com/YT1
具体联络方式如下:
关于债权人信托、贾跃亭债务、及媒体询问,请联络 –
邮箱:yt_debtmgmt@163.com
电话:(+86) 138-1150-9018
关于债权人投票及程序相关询问,请联络EPIQ Global –
邮箱:Tabulation@epiqglobal.com
呼叫中心电话
非美国地区(中国): 400-120-3077*
美国免费电话: (+1) 855-963-0391
其余非美国地区: (+1) 503-520-4401
*中文服务将于2019年10月15日启动
贾跃亭债务处理小组
2019年10月14日
Statement Regarding Yueting Jia's Personal Bankruptcy and Restructuring and Establishment of Creditor Trust
On October 13th , 2019, Yueting Jia (YT) voluntarily filed for bankruptcy and restructuring under chapter 11 in the United States in an effort to keep his promise to perform all of his obligations to the creditors and completely pay off his personal debts in a way that is considered fair and efficient and would offer each creditor an equal opportunity to be paid off. In connection with the filing, a creditor trust for the benefit of YT’s creditors will be established. After certain conditions are met, YT will transfer all of his personal assets in the United States to the trust. After the completion of his chapter 11 plan, YT will no longer hold his existing equity interest in Smart King Limited, the parent holding company of Faraday & Futures Inc. (“FF”). Together with the recently completed partnership program, the plan is expected to lay out a solid foundation for FF’s future success and being a great company. The plan will expedite FF’s process to maximize the value of its equity interests that constitute the assets of the creditor trust and completely address YT’s debt issues incurred due to direct borrowings, personal guarantees or indirect obligations.
The following is a summary of the plan:
1.Pursuant to the plan, after the current injunction in the British Virgin Islands is lifted, YT will officially transfer all his personal assets recognized by the court in the United States, meaning all equity and economic interest in FF owned by YT, to the creditor trust. The creditor trust, designed to be best solution to resolve YT’s personal debt issues, will be controlled and managed by a committee of creditors and a trustee.
2.The proposed plan will offer creditors three layers of protections: First, creditors will retain their rights to dispose of all of YT’s and the respective primary obligors’ frozen assets located in China. Additionally, the primary obligors and guarantors, aside from YT, will continue to be contractually required to fulfill their payment obligations. Lastly, according to the plan, all creditors will have a legal right to participate in the disposition of YT’s assets and enjoy the relevant economic interest through the creditor trust, as opposed to their original claims against YT for payment. Such mechanism ensures a better protection for all creditors from the legal perspective.
3.Meanwhile, the plan can address three risks for the creditors. First, YT chose the more demanding chapter 11 process while giving up the relatively straightforward chapter 7 process that can also discharge all of his debts. Chapter 11, when compared to chapter 7, is more likely to result in greater recovery for YT’s creditors and therefore substantially reduces the risk that only a small portion of the debt is paid. Second, the filing will prevent the freezing and liquidation of YT’s assets at low price by a few destructive creditors, which undoubtedly would result in lower recovery for the creditor body as a whole. Third, the chapter 11 case reduces the time and capital costs and uncertainties for the creditors if they were to exercise their rights in other ways.
4.Over 90% of YT’s debts are debts he guaranteed for his businesses in China. Since certain creditor froze all the assets and operating accounts of YT and LeEco group (which are worth substantially greater than the default amount) that directly caused a halt to the ordinary operation of LeEco group and led to its collapse, as of today, YT has repaid over US$3 billion worth of debts, with unpaid amount of around $3.6 billion. His net debt is around US$2 billion, after deducting the value of the assets that are frozen but yet to be disposed in China and the guarantees for certain convertible loans.
5.After YT pays off his guarantee obligations for the benefit of the original obligors including borrowers and other guarantors, YT will step into the shoes of the creditors and become the new creditors of such original obligors. YT team plan to discuss with such original obligors regarding the relevant documents pursuant to which the original obligors will pay YT and wish to receive the parties’ cooperation and support thereto.
6.After the successful completion of his individual restructuring, YT will have transferred all his personal assets and related economic rights recognized by the court in the United States to creditors and his personal guarantee and debt obligations will be deemed to be satisfied and discharged. It is anticipated that he can go back to China and push forward and implement FF’s dual home market strategy. This brings great impetus to FF’s capital raising efforts and planned future IPO, and it is particularly significant for the rapid progress of FF’s China business.
7.YT gave up his entire interest in the FF shares and related economic interest for the sole purpose of paying off his debts completely and making FF a great company. Proposed by YT, FF established a partnership program, which sets solid foundation for an advanced corporate governance structure and talent base. FF will continually attract global talent across industries through the partnership program. As the founder and Chief Product and User Officer, YT will continue to inspire the management team to achieve strategic goals, maximize the value of FF and the creditor trust, so as to achieve the goal of debt repayment for all creditors through bringing up the value of the trust assets.
8.YT is soliciting votes of his creditors for the sole purpose of approving his personal restructuring plan, but not with respect to the specific debt amount of the creditors. The debt amount of each creditor will be reviewed and confirmed by the U.S. court.
If any direct, indirect or guarantee creditor of YT would like to obtain more information or file a claim in YT’s bankruptcy case, please visit: https://dm.epiq11.com/YT1
Contact:
For media inquiries and inquiries regarding the creditor trust or YT’s debt –
Email: yt_debtmgmt@163.com
Phone: (+86) 138-1150-9018
For inquiries related to the voting, please contact EPIQ Global –
Email: Tabulation@epiqglobal.com
The call center numbers are as follows:
Non US Parties (China): 400-120-3077*
Toll free US: (+1) 855-963-0391
Non U.S. Parties: (+1) 503-520-4401
*Chinese service will be available starting 10/15/2019
Yueting Jia’s Debt Project Team
October 14, 2019