The low oil prices and the economic slowdown from the COVID-19 pandemic have hit the finances of Chinese companies hard. Another Chinese oil firm has defaulted on a dollar-denominated bond. Hilong Holding is currently assessing the impact of the default on its other indebtedness. Another Chinese oil firm has defaulted on a dollar-denominated bond, bringing the total value of defaults in all sectors of China’s offshore bond market to US$4 billion so far this year, more than double the value of defaults in the same period last year, Bloomberg estimates. Oil equipment and oil services company Hilong Holding said on Monday that it is defaulting on a US$165-million bond after an insufficient percentage of noteholders had agreed to swap the notes with new debt. The minimum acceptable level of noteholders to agree to the debt exchange offer was 80 percent, while just 63.45 percent had agreed to tender notes […]