MIE chairman Zhang Ruilin blamed the bond default on a lack of liquidity caused by the collapse of oil prices. Photo: Weibo MIE chairman Zhang Ruilin blamed the bond default on a lack of liquidity caused by the collapse of oil prices. Photo: Weibo
MIE chairman Zhang Ruilin blamed the bond default on a lack of liquidity caused by the collapse of oil prices. Photo: Weibo

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

  • Company controlled by tycoon Zhang Ruilin fails to make US$17 million interest payment, with knock-on effects on other loans and bonds
  • Value of company’s assets fell by 65 per cent last year, before the sharp drop in oil prices this spring

Topic |   China economy
MIE chairman Zhang Ruilin blamed the bond default on a lack of liquidity caused by the collapse of oil prices. Photo: Weibo MIE chairman Zhang Ruilin blamed the bond default on a lack of liquidity caused by the collapse of oil prices. Photo: Weibo
MIE chairman Zhang Ruilin blamed the bond default on a lack of liquidity caused by the collapse of oil prices. Photo: Weibo
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