MIE misses interest payment on oil woes, triggers cross-defaults

By Pan Yue
12 May 2020

Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.

MIE first missed the semi-annual interest payment of $17m on a $248.4m 13.75% 2022 note on April 12. It was given a 30-day grace period at the time, meaning it had until May 11 to meet its debt obligations.

However, the company said in a Hong ...

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