By Jiahui Huang
China Evergrande has been given another chance to restructure its billions of dollars in debt as a court adjourned a hearing to wind up the company.
The heavily indebted Chinese property developer said that a Hong Kong High Court had moved the hearing, scheduled on Monday, to Dec. 4.
The decision gives Evergrande, one of China’s largest developers, another shot at working out a restructuring plan to ensure its survival. Evergrande, which has more than $300 billion of liabilities, said on Oct. 20 that it was still working with creditors to revise the terms of a proposed debt restructuring.
Hong Kong-listed shares of the developer were up 5.1% at 25 Hong Kong cents (3.2 U.S. cents) at the mid-day trading break, after having dropped as much as 23% earlier.
Write to Jiahui Huang at [email protected]
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