Evergrande was given a reprieve as the winding up hearing was postponed again

　　Evergrande Group, China's most indebted company, has been given a reprieve after a Hong Kong court again delayed a winding up order against the group.

　　High Court Judge Linda Chan said the winding-up petition had been adjourned to January 29 because the petitioner had not requested immediate liquidation and did not object to Evergrande's extreme application for an adjournment.

　　Evergrande now has eight weeks to reach a deal with its offshore bondholders in what would be one of China's biggest restructurings ever. Evergrande's lawyers said on Monday that a new proposal was sent on Nov. 26 and that the company was applying for another extension, hoping to seek further support and more feedback from creditors.

　　Neil MacDonald, a partner at Kirkland&Ellis and legal adviser to an AD hoc group of creditors, said in an interview outside the court: "We were surprised that the petitioners changed their position and did not push for the company to fail. We firmly reject Evergrande's latest proposal to the court."

　　Evergrande's Hong Kong shares surged 13 per cent to HK $0.30 after the announcement.