via reuters
A Hong Kong court gave China Evergrande Group (3333.HK) a five week reprieve to come up deal with creditors or face liquidation after the embattled developer said on Monday it was working on a revised debt restructuring plan.
The Hong Kong High Court agreed to further adjourn a hearing to wind up Evergrande to Dec. 4, with Justice Linda Chan saying the next hearing would be the last before a decision is made on liquidating the company.
Evergrande needed to come up with a “concrete” revised restructuring proposal before that date, she said, otherwise it was likely the firm would be wound up.
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