Judge approves Faraday Future founder’s personal bankruptcy plan

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Seven months after he filed for Chapter 11 bankruptcy to

deal with $3.6 billion in personal debt
, the reorganization
plan laid out by Jia Yueting — the tycoon founder of troubled EV
startup Faraday Future — has been approved by a judge.

In overly simple terms, the majority of the people and companies
he owes money to — largely thanks to the collapse of LeEco, the

overly-leveraged tech conglomerate
he built his fortune with in
China — have agreed to swap their debt claims for pieces of
Jia’s ownership stake in Faraday Future. They now only have a
shot of being made whole if and when the struggling startup
successfully completes a public listing on a major stock
exchange.

Founded in 2014, Faraday Future has spent
more than $1.7 billion…

Source: FS – All Tech News 2
Judge approves Faraday Future founder’s personal bankruptcy
plan