The news this week of China’s largest corporate bankruptcy – Haixin Iron & Steel Group – amid crashing iron ore and steel prices was followed by analysts noting it “will be followed by others,” as the major flaw of producers of iron ore, the most traded commodity after oil, is they tend to be “over-bullish.” Distressed debt funds are starting to circle in preparation for what they expect to be a bloodbath as Bloomberg reports, bad debts in China are well unde