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Jia Yueting Applies For Personal Bankruptcy Reorganization FF New Commander Takes Office To Start B Round Financing

2019/10/15 11:31:00 0

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In October 14th, the Jia Yueting debt processing group issued a statement saying that Jia Yueting had applied for personal bankruptcy reorganization in October 13th according to the eleventh chapter of the relevant laws of the United States (Chapter 11).

According to the plan, after the lifting of the ban in the British Virgin court, Jia Yueting will formally transfer all of the personal assets identified by the US court, that is, all FF shares and related income rights held by the individual to the creditor trust, which will be controlled and managed by the creditors' committee and trustee.

The debt handling group revealed that as of now, Jia Yueting has paid over $3 billion in debt and the total amount to be repaid is about $3 billion 600 million. If the guaranteed domestic debt is frozen and the convertible bond is guaranteed, the net remaining debt of Jia Yueting will be about $2 billion.

And through the establishment of creditor trust, Jia Yueting's debt problem is expected to be thoroughly resolved. Next, whether the debt can be paid in full will be Jia Yueting's FF equity value geometry.

On the afternoon of 14 twenty-first Century, in twenty-first Century, the business reporter met with FF's new global CEO Bikang in FF's office. A month ago, Bi Fukang just took the CEO post from Jia Yueting. He told reporters that now his energy is mainly spent on two things, one is looking for financing, the other is the company's project management.

Bi Fukang said that FF now has a clear financial plan. "We hope to complete a new round of financing in the first quarter of next year, and then start looking for IPO 12-15 months later. Before IPO, FF needs us $850 million. "

For bfukang, Jia Yueting's application for personal bankruptcy reorganization is a good thing, because in the past few years, Jia Yueting's debt problem has been an important factor hindering the development of FF. However, whether the label of Jia Yueting can be weakened in this way can not be known yet. Next, the biggest test of Bikang is whether FF can win the trust of investors again.

Car veteran Bi Fukang takes over CEO

Bi Fukang is a veteran of the car circle. Before joining the FF, Bi Fukang served as the chairman and chief executive officer of the Chinese electric vehicle start-up company, Bi Fukang. He worked for nearly 20 years in BMW, and served as vice president and I8 project leader of BMW group. He built BMW I8 luxury plug-in electric vehicle.

Bi Fukang told the twenty-first Century economic news reporter that he chose to join the FF, mainly focusing on the complete travel mode and ecosystem building. In his view, the future car will become an integral part of the mobile way of travel. The focus of the car will not be on the driver, but on the passengers and other users.

Therefore, the automobile industry is no longer the main business mode of selling cars. Instead, it regards the automobile as an intelligent device, and makes profits by selling the ecosystem and content carried by intelligent devices. Bi Fukang said that this is his view of the future, which coincides with Jia Yueting's idea.

With the same concept, plus the experience of car building in BMW and the management experience in Bi Fukang, all of them made Bi Fukang the best candidate to succeed him. Bi Fukang told reporters that after joining the FF, he found that the company had advanced products and technology, but it lacked executive power, that is, to prove to the world that FF has the ability to deliver the first vehicle.

"From this point of view, I have allocated executive power as the most important goal of the company to the team, and we must realize the delivery of the first vehicle by September next year." Bi Fukang said, "in this regard, I also ask employees to ask themselves a question at all times. Is the work done now related to the ultimate goal? If it doesn't matter, stop immediately. "

Return to the Chinese market

For next year's planned delivery of FF91, Bi Fukang said that the positioning of this car is to build our brand image of a high-end vehicle, the price will be higher than 200 thousand U.S. dollars, the output will not be great, its main role is to prove that we have the ability to deliver products.

The second car, FF81, is a vehicle for FF Tesla Model S, which will pursue sales. "If FF81 can achieve pre production conditions, we believe we can also convince the capital market. We already have IPO conditions." Bi Fukang said.

In terms of factory preparation, according to Bi Fukang, FF Hanford plant between Losangeles and San Francisco is undergoing continuous improvement. In the future, it hopes to achieve capacity of 10 thousand units per year, and all FF91 models will be manufactured and delivered here.

At the same time, Bi Fukang also suggested that FF is also ready to enter the Chinese market. "At a certain time in the future, FF undoubtedly needs to have its own production facilities in China. The purpose of my visit to China is to see representatives of several Chinese cities to discuss how to bring FF to the Chinese market."

Bi Fukang further said, "FF's strategy to enter the Chinese market is different from other joint venture brands. We are not prepared to invest in heavy assets to build factories. Instead, we need to make use of the spare capacity of some automobile manufacturers to produce FF products."

This is actually a change in FF. In the past, including cooperation with Hengda, FF was actively looking for factory sites. In Bi Fukang's view, FF will play the role of technology companies in the future. "Just like Apple Corp, it doesn't own any factory, but it can bring good technology and user experience to the world. FF will also maintain the characteristics of light assets as far as possible in the course of business development."

Jia Yueting decentralization

But the urgent task for FF is to solve the problem of capital. This year, FF has sold its 900 acres (about 5463 acres) in its northern Las Vegas, Nevada, and its headquarters in Losangeles, which cost about $80 million.

It can be seen that FF's book capital has been very tight, otherwise it will not sell land to maintain company operation. Subsequently, FF announced two cooperation, one is to cooperate with China Internet Corporation nine cities, and the two is to declare a 225 million dollar debt and trust financing from an American commercial bank.

Through these cooperation, FF has continued to breathe, but money is still a big problem for the delivery of the first car.

In this regard, Bi Fukang told reporters that since he became the FF global CEO, a lot of capital expressed interest and many people came to contact. "We will not only communicate with American businesses, but also with Chinese companies, and I think FF can complete B financing in the first quarter of next year," he said.

At the end of last year, FF began implementing the global partnership program. According to Bi Fukang, at this stage, partners are mainly based on company executives, and next will find more personnel.

Bi Fukang emphasized that partners have a lot of power in the company, including the appointment of board members and the decision of the company's future development direction. Therefore, FF's control is no longer in the hands of Jia Yueting. This is also crucial to the financing of FF. Last year, FF and Hengda broke up. The core reason was that Jia Yueting did not want to give up control of FF.

So for now, Jia Yueting's FF stake will be used to set up a creditor trust, and his control of the company will also be transferred to the company partner. His next status will be FF's CPUO (chief product and user officer) and partner.

Bi Fukang said he expressed great respect for Jia Yueting's approach to solving these problems, and he could see that his sole purpose was to make FF succeed. Bi Fukang also admitted that it is a prerequisite for FF to succeed in order to return to China to rebuild his credibility and personal image for Jia Yueting.

 

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