China Evergrande is a day away from default. What happens next?

SHANGHAI -- With China Evergrande Group just a day away from defaulting on a dollar denominated bond, investors are focusing on three questions -- what happens to the property developer's other outstanding debt, does it cease operations after default, and will it end up in legal bankruptcy proceedings?

Evergrande, which faces more than $300 billion in liabilities, narrowly averted a default last week when it paid $83.5 million interest payment for a dollar-denominated bond just before the grace period expired on Oct. 23.  Its next deadline is Oct. 29, when time runs out for a $45.2 million interest on a 2024 bonds that it should have paid on Sept. 29. It did not meet coupon payments totaling $148.2 on three bonds on Oct. 11 as well.