EGRNF - China Evergrande default appears 'inevitable' S&P says

China Evergrande (OTCPK:EGRNF +0.4%) (OTCPK:EGRNY +2.3%) failed to pay coupons on two offshore bonds by the end of the 30-day grace period, according to media reports, putting the property developer on the brink of default and heading for what may be one of China's largest debt restructurings. S&P Global Ratings says a default appears "inevitable," and the Chinese company's liquidity position remains precarious after a creditor demanded that Evergrande (OTCPK:EGRNF) repay $260M. "The payment demand will not likely constitute a default event yet," S&P said in a bulletin. "Evergrande seems to be disputing the payment request, possibly about whether the creditor can demand the payment right now, if it is an accelerated one." Last week, the company said it received a demand for the $260M repayment, adding that if it can't pay that amount, "it may lead to creditors demanding acceleration of repayment." Failing to pay interest due last month

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China Evergrande default appears 'inevitable,' S&P says