Chinese billionaire Jia Yueting, the founder of an electric-vehicle startup and an internet streaming service, filed for chapter 11 bankruptcy in the U.S., seeking protection from banks and other creditors that are owed as much as $3.6 billion.

A major investor in car maker Faraday & Future Inc., Mr. Jia filed for bankruptcy Monday with a plan to set up a creditor trust and relinquish his equity in Faraday owner Smart King Ltd. to help repay his debts.

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