Evergrande Dodges Onshore Default With Six-Month Debt Extension

What’s new: China Evergrande Group’s onshore unit won bondholder approval to extend payments by six months on two yuan notes originally due Friday, according to filings with the Shanghai Stock Exchange.

Evergrande, weighed down by more than $300 billion of liabilities and in the midst of a debt restructuring, faces a peak of debt payments or buybacks this month that started in April. The extension aims to avoid an onshore debt default.