London Dairy Owner IFFCO Said to Explore $1.5 Billion Debt Restructuring - Bloomberg
United Arab Emirates-based IFFCO Group is seeking to restructure at least $1.5 billion of debt, according to people familiar with the matter, in what could rank among the Middle East’s largest revamps in recent years.
Creditors are working with PwC on the possible restructuring, while IFFCO brought in Alvarez & Marsal as its adviser, the people said, asking not to be identified while discussing confidential information.
The group recently told its lenders it would stop principal payments, one person said. It operates brands including London Dairy ice creams, Tiffany biscuits and LDC Kitchen & Coffee chain.
The deliberations are still at an early stage, and a restructuring deal may ultimately not materialize.
Representatives for IFFCO did not respond to multiple requests for comment. Alvarez & Marsal and PwC declined to comment.
The Middle East has seen several major debt restructurings since 2020. Saudi Binladin Group revamped an estimated $15 billion, while in the UAE, NMC Health Plc restructured about $7 billion and KBBO Group, $2 billion.
Established in 1975, IFFCO operates in about 50 countries, with a portfolio spanning food, packaging, chemicals and logistics, according to its website. It traces its origins to the India-based Allana Group, which has traded agricultural commodities since 1865.
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