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Faraday Future bases Chapter 11 bankruptcy documents



In the proposed plan, Euting will use its own stake in Faraday Future, the long-troubled start-up EV monetary entity, to create credibility and pay its debts. This is not a complete surprise. Last month, Yueting stepped down as CEO to build that trust. According to Faraday Future, the restructuring will not affect the company's normal business offerings and will actually help prepare for launch for an IPO.

According to The Verge Yueting claims that he owes somewhere around $ 3.6 billion to more than 1

00 lenders – mostly because of LeEco, the technology conglomerate he founded in China. Ninety percent of the people or businesses that Oetting owes money to will have to approve the restructuring plan by November 8th. If they do so, they will also agree to release Yueting from all personal responsibility and to dismiss their claims against him.

Yueting is expected to continue working with Faraday Future as Chief Product and Consumer Officer, a role in which he will cope. product definition, user experience and AI.


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