Businessman, Faraday Future founder, Jia Yueting Photo: IC

Heavily indebted businessman Jia Yueting, founder of Faraday Future (FF), has invited his creditors to visit FF and discuss the bankruptcy plan he raised last month, in a bid to win enough support to implement the plan as soon as possible. 

"I have paid back more than $3 billion of debt by any means possible. $3.6 billion in debts remains, excluding the frozen domestic assets and the secured debts that can be transferred into equity. The net debts are about $2 billion," said Jia in a letter to more than 100 creditors, the paper.cn reported on Monday.

Jia said that he is willing to pay back his debts and return to China, and he believes the success of FF is the precondition to clearing his debts. He has invited his creditors to visit the electric vehicle startup on November 25.

Jia said that he wants to apologize to them in person, and will introduce FF's financing and IPO plan during the meeting.

"The B round of financing is making progress, but if the debt problem can't be fixed in time, it will have major, adverse impact on the financing. [I] hope to discuss the bankruptcy proposal with all creditors...and implement it as soon as possible," Jia wrote in the letter.

Jia is the founder of LeTV and FF. In 2017, he went to the US after the LeTV system became caught in a capital chain crisis, and has been focusing on FF since then. Although he promises to take responsibility for his domestic debts, FF is now also well known for money troubles.

Jia filed for bankruptcy and restructuring under Chapter 11 of the Bankruptcy Code in the US in October.

According to the plan proposed by Jia's Debt Project Team, he will transfer all equity and economic interests in FF which he owns to a creditor trust in order to repay creditors. He will continue to lead the management team to achieve FF's strategic goals, so as to build up the value of trust assets to repay the creditors.

According to relevant rules of the bankruptcy, Jia has 180 days to gain the support of his creditors for his bankruptcy plan. As of now, he has not collected enough support to gain approval for the plan. If it can't be approved within 18 months, creditors have the right to propose a new one, according to media reports.