On Monday, MIE Holdings Corporation, oil and gas company from China, missed an interest payment on a $248.4m 13.75% 2022 bond during the grace period. This action triggered cross-defaults on company's loan facilities. The company is considering a debt restructuring. Problems in revenue and cash flows were caused by the drop in oil prices.
It's worth mentioning the company was near default in April 2019 when it hardly managed to repay the remainder of a $500m 7.5% bond on time.