(Yicai Global) May 8 -- The bankruptcy and debt reorganization proposal of serial Chinese entrepreneur Jia Yueting, the founder of US-based electric carmaker Faraday Future, was approved by more than 80 percent of his creditors yesterday.

A member of Jia's debt-handling team confirmed the result of the vote and said that the group was prepared for the final hearing of the bankruptcy court in the Central District of California on May 21 to ensure the reorganization takes effect, The Paper reported today.

The embattled businessman’s proposal had moved to the creditor voting stage on March 31.

Faraday Future China said it hopes that the next hearing docketed for May 21 will also pass smoothly, as this will give a major boost to the firm’s funding and the promotion of the company’s China-US business.

Editor: Ben Armour