Evergrande debt-restructuring hearing postponed again
The High Court has postponed until January 29 a court hearing scheduled for Monday on troubled Chinese property developer Evergrande’s winding-up petition. Evergrande is trying to win support from its creditors for a plan to restructure more than US$300 billion in debt to stave off liquidation. The company’s lawyer told the court it was requesting an adjournment to “refine” its new debt restructuring plan. Judge Linda Chan on Monday adjourned the case until January 29, a reprieve after earlier saying December 4 would be Evergrande's deadline before appointing independent liquidators from accounting firm KPMG. Chan urged Evergrande to have "more direct discussion with relevant authorities to confirm (if their restructuring plan) is doable". The High Court has postponed the hearing over Evergrande’s potential liquidation several times.  The firm could be ordered to liquidate if creditors reject its plan. (AP & AFP)