Jia Yueting's personal bankruptcy reorganization was officially approved by the US court

According to FF, after seven months of application, negotiation, voting and court confirmation, the highly anticipated personal bankruptcy reorganization of Faraday Future (FF) founder and CPUO Jia Yueting (YT) was finally confirmed and approved by the Central District Bankruptcy Reorganization Court of California at a hearing held on May 21, local time in Los Angeles. Although a few creditors still expressed opposition at the hearing, the vast majority of creditors and judges expressed support. This means that Jia Yueting's personal bankruptcy reorganization has officially entered the effectiveness process and is expected to be officially effective in early June.

Since Jia Yueting applied for personal bankruptcy reorganization in the Delaware Bankruptcy Court in the United States in October last year, after many twists and turns such as changes in the jurisdiction of the court, opposition from individual creditors, in-depth due diligence by creditors, and multiple adjustments to the core terms of the plan, he finally achieved substantial success. After receiving more than 80% support in the creditor vote three weeks ago, Judge Zurzolo of the Central District Court of California also confirmed and approved the bankruptcy reorganization plan at the legal level. At this point, Jia Yueting's personal bankruptcy reorganization has officially entered the final stage of effectiveness, and the effective date is expected to be in early June.

Judge Zurzolo issued a judgment after the hearing, officially confirming that the debtor (Jia Yueting) was the winner of the final confirmation motion for this bankruptcy reorganization.

Jia Yueting's debt handling team expressed its gratitude for the fair judgment of the Central District Court of California, and for the understanding and support of all creditors, including those who voted against the decision. Jia Yueting will continue to work closely with the Creditors' Committee and the Creditors' Trust Trustee, treat all creditors equally, continue to expand the value of FF, and then promote the continuous expansion of the value of the Creditors' Trust, and fulfill its commitment to fulfill its responsibilities to the end.

It is also understood that after the personal bankruptcy reorganization plan officially takes effect in early June, Jia Yueting will also transfer all of his current FF shares to the creditor trust. As the founder of FF, Jia Yueting will no longer own any FF shares. The company's daily management rights will also be handed over to FF Global CEO Carsten Bi Fukang, but he will continue to drive FF towards success as FF Global CPUO and Global Partner.