Given that strict schedule and the facts known at the time, Amazon took a negative view of the risks.
Faraday Future Completes Bridge Financing to Push Forward Production of Its All-electric FF 91 Luxury Vehicle
Amended Bridge Financing Includes up to $45 Million in New Senior Secured Financing
Birch Lake Fund Management LP, Which Led Senior Bridge Financing Facility in 2019, Returns to Support Faraday Future
Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced that it has completed the expansion and extension of the senior bridge financing facility put in place in 2019 to support the completion and launch of its flagship FF 91 EV and continue development of the mass-market FF 81. The amended bridge facility includes new senior secured financing of up to $45 million, which matures in October 2021.
As part of the expanded and extended financing agreement, Birch Lake, a Chicago-based merchant bank, has returned to support FF as the majority purchaser of the new senior secured financing. The principals of Birch Lake and co-investor, ATW Partners, a New York-based private equity firm, bring extensive experience