Jia Yueting received assistance: US $9.16 million in salary security plan FF

 Jia Yueting received assistance: US $9.16 million in salary security plan FF

For FF at the moment, its a timely help. The person familiar with the matter said that the receipt of the money is a significant benefit to FF under financing, and will also enhance the confidence of Jia Yueting, the founder of FF, who is in the voting stage of personal bankruptcy reorganization.

According to FF Chinas relevant employees, this fund is a cash aid provided by the U.S. government to local enterprises under the new crown epidemic, which requires the applicant to operate legally and in accordance with the law. This aid fund is issued in the name of loan, but it is actually a special directional support subsidy, which can only be used to pay employees wages, office rents and other expenses. If the fund is used according to the requirements, it is not needed To be repaid.

According to the data released by the small business administration of the United States, as of April 16, the approved loan amount of the compensation security plan (PPP) had reached US $342.278 billion, with an average loan scale of US $206000. The number of loans with a total amount of more than US $5 million was 4412, accounting for 0.27%, with a total amount of US $30.898 billion, accounting for 9.03%.

At present, Jia Yueting, founder of Faraday and LETV, is promoting the process of personal bankruptcy and reorganization in the United States.

In October 2019, Jia Yueting announced that he would apply for personal bankruptcy reorganization (Chapter 11) in the United States, saying that he would transfer all assets to creditors through creditor trust.

After about five months of negotiation and twists and turns, on March 19, the central bankruptcy court of California officially approved Jia Yuetings disclosure statement of bankruptcy reorganization assets and the application of diploan. On March 31, Jia Yuetings personal bankruptcy reorganization case opened the creditor voting process.

Zhang Miao, a lawyer representing Jia Yuetings debt handling team, said that if the vote is passed, the bankruptcy reorganization will be finally confirmed by the Central District Court of California on May 21. After the approval of Jia Yuetings personal bankruptcy reorganization plan, the FF related assets held by Jia Yueting will be put into the debt trust fund.

Regarding the voting progress of Jia Yuetings personal bankruptcy reorganization, the FF said that some international funds, large investment banks, state-owned enterprises and other creditors have voted in favor, and it is expected to complete the whole voting process in two weeks.

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