(Bloomberg) -- China Evergrande Group, the world’s most-indebted developer, is once again at the cusp of a self-imposed target to complete its restructuring support agreement.   

The company had said it aimed to enter one or more so-called restructuring support deals with creditors by the end of March. The progress led to the adjournment of a Hong Kong winding-up court hearing to July 31.

A deal would be a major milestone for Evergrande, and serve as a reference point for the debt restructuring of other defaulted Chinese developers. The poster child of woes in China’s real estate industry has $15.6 billion of dollar bonds outstanding, according to data compiled by Bloomberg. 

Last week, the company gained support from an ad-hoc group of dollar-bondholders for its offshore debt restructuring plan, details of which it also released after months of delays. When Evergrande tumbled into distress, the shock set off contagion in the nation’s $150 billion junk dollar bond market.

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