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Home / South China Morning Post / Chinese oil firm MIE defaults on US$248 million bond after value of its assets fall sharply

Chinese oil firm MIE defaults on US$248 million bond after value of its assets fall sharply

Summary:
[unable to retrieve full-text content]The crash in international crude prices has not only burnt small Chinese investors who bought wealth management products from one of China’s largest banks but also a listed oil and gas firm that announced last week that it would default on a US8 million bond.MIE Holdings, controlled by tycoon Zhang Ruilin, failed to make a US million interest payment on its bonds which was initially due on April 12, it said in a statement to the Hong Kong stock exchange. It was still unable to make the…

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[unable to retrieve full-text content]
The crash in international crude prices has not only burnt small Chinese investors who bought wealth management products from one of China’s largest banks but also a listed oil and gas firm that announced last week that it would default on a US$248 million bond.MIE Holdings, controlled by tycoon Zhang Ruilin, failed to make a US$17 million interest payment on its bonds which was initially due on April 12, it said in a statement to the Hong Kong stock exchange. It was still unable to make the…

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