EGRNF - China Evergrande stock slips after report that it defaulted on bonds

Shares in China Evergrande Group (OTCPK:EGRNF -1.0%) dips as the property developer sits on the brink of default. Some Evergrande bondholders haven't received coupon payments by the end of 30-day grace periods at the close of Asia business on Wednesday, Reuters reported, citing unnamed sources. A default would trigger cross-default provisions for other Evergrande dollar bonds. Some $19B of the company's $300B in liabilities are in international market bonds. The company's grace period to pay a $148M bond coupon expires on Wednesday. Reuters said the exact time that the grace period expires isn't clear, and two sources with knowledge of the matter said some Asian bondholders hadn't been paid by the end of the business day in Asia on Wednesday. On Tuesday, the Wall Street Journal reported that Evergrande (OTCPK:EGRNF) raised $145M from selling a 5.7% stake in HengTen Networks Group. On Oct. 29, Evergrande (OTCPK:EGRNF) staved off default on

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China Evergrande stock slips after report that it defaulted on bonds