Former state Sen. Andy Vidak shakes hands with Jia Yueting (also known as YT Jia), founder and CEO of Faraday Future, at a VIP reception in Hanford in July 2018.

published on October 16, 2019 - 1:15 PM
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Officials with electric car startup Faraday Future have confirmed that its founder and former CEO has filed for bankruptcy protection in the U.S. against debts he reportedly wracked up in China.

Chinese billionaire Yueting “YT” Jia reportedly owes about 100 creditors $3.6 billion following the collapse of a tech company he founded in his home country, LeEco, according to news reports following his Chapter 11 protection filing Monday at a Delaware court.

But Jia is offering those creditors a second option backed by his stock in FF, which has yet to actually start production of its planned all-electric sports utility vehicles. And he’s reportedly claiming that if his creditors don’t accept his proposal, it could bring an end to plans to build cars at the company’s first car plant under development in Hanford.

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