In 2008, Mount Gibson Iron ( ASX: MGX ) suffered a near death experience after three Chinese customers defaulted on offtake agreements, while another two wanted shipping delays. The company's shares fell from over $3 to around 20 cents and Mount Gibson was forced to conduct a capital raising, which also saw an opportunistic investment by China's fourth largest steelmaker. That may have kept Mount Gibson alive, but saw close to half the company revert to foreign ownership.