The clock is ticking for Evergrande, China’s distressed property developer, as evidence continues to mount that a comprehensive bailout by the authorities will not be forthcoming.

The developer, which is believed to have liabilities to the tune of $300 billion, missed its first coupon payment of $83.5 million on a $2 billion dollar-denominated bond on September 23. And though the company has missed other payments totaling $275 million since then, the true reckoning looms on Saturday October 23, when a 30-day grace period for the initial missed payment expires.