An Interest In:
Web News this Week
- March 31, 2024
- March 30, 2024
- March 29, 2024
- March 28, 2024
- March 27, 2024
- March 26, 2024
- March 25, 2024
Some of Our Sources
- Mashable
- Techcrunch
- TutsPlus - Code
- Fuel Your Creativity
- FanExtra - PSD
- My Ink Blog
- Fudge Graphics
- CSS Tricks
- Codrops
- Willems Lab
Help Webnuz
Referal links:
October 14, 2019 10:10 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/RnpU9ZGzFdU/founder-of-tesla-killer-faraday-future-files-for-chapter-11-bankruptcy
Founder of 'Tesla Killer' Faraday Future Files For Chapter 11 Bankruptcy
Faraday Future's founder and former CEO Jia Yueting has filed for Chapter 11 bankruptcy in Delaware court in a bid to satisfy his myriad debts in China. From a report: The Chinese tycoon claims he still owes around $3.6 billion to more than 100 creditors, thanks, in large part, to the collapse of LeEco, the tech conglomerate he founded there. The bankruptcy filing marks a major turn in the story of Jia's prolific history of taking on debt, which led to him being named to a national debtor blacklist in China and sparked his move to the United States in 2017. Before proceeding in court with Chapter 11, though, Jia is offering to satisfy those debts through a trust backed by the value of his ownership stake in Faraday Future. This trust will only pay out to creditors if and when the startup goes public. (This resembles but is separate from the plan Faraday Future laid out earlier this year for suppliers who are owed money, which was put together by Birch Lake Associates, a Chicago-based restructuring firm.)Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/RnpU9ZGzFdU/founder-of-tesla-killer-faraday-future-files-for-chapter-11-bankruptcy
Share this article:
Tweet
View Full Article
Slashdot
Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..More About this Source Visit Slashdot