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.
Sunday, 14 September 2025
Middle East equities rise amid bargain hunting; #Saudi nears two-year low | Reuters
Middle East equities rise amid bargain hunting; Saudi nears two-year low | Reuters
Most Middle East stock markets edged higher on Sunday as investors bought up recently sold-off shares, supported by a rebound in global risk appetite after a softer U.S. labor report fueled rate cut bets, while Saudi's bourse approached a two-year low.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2% in a quiet session, extending a recent slide toward a two-year low, with most sectors closing in the red.
Index heavyweight Al Rajhi Bank (1120.SE), opens new tab, the world's largest sharia-compliant lender, and ACWA Power (2082.SE), opens new tab lost 0.4% and 2.7% respectively.
Elsewhere, the state's oil giant Aramco (2222.SE), opens new tab finished the session 0.1% higher, recovering from its lowest level seen in over five years in the previous session.
Crude - a key catalyst to Gulf economies - inched higher after a Ukrainian drone attack disrupted operations at Russia's key western port, but gains were capped by concerns over soft U.S. jobs data and rising inflation clouding the demand outlook.
Qatar's benchmark index (.QSI), opens new tab rose 0.4%, with financials leading the gains amid renewed investor confidence.
Qatar Islamic Bank (QISB.QA), opens new tab climbed more than 1%.
Investors continue to keep a close watch on the U.S. Federal Reserve as softer job data solidified expectations of a rate cut on Wednesday, with bets growing for additional cuts in October and December.
The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.5%, building on gains from the past two sessions, supported by broad-based sectoral strength.
Orascom Construction (ORAS.CA), opens new tab jumped 4.7% after debuting its primary listing on Abu Dhabi’s main index (.FTFADGI), opens new tab on Thursday, while retaining its secondary listing on the Egyptian exchange.
Most Middle East stock markets edged higher on Sunday as investors bought up recently sold-off shares, supported by a rebound in global risk appetite after a softer U.S. labor report fueled rate cut bets, while Saudi's bourse approached a two-year low.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2% in a quiet session, extending a recent slide toward a two-year low, with most sectors closing in the red.
Index heavyweight Al Rajhi Bank (1120.SE), opens new tab, the world's largest sharia-compliant lender, and ACWA Power (2082.SE), opens new tab lost 0.4% and 2.7% respectively.
Elsewhere, the state's oil giant Aramco (2222.SE), opens new tab finished the session 0.1% higher, recovering from its lowest level seen in over five years in the previous session.
Crude - a key catalyst to Gulf economies - inched higher after a Ukrainian drone attack disrupted operations at Russia's key western port, but gains were capped by concerns over soft U.S. jobs data and rising inflation clouding the demand outlook.
Qatar's benchmark index (.QSI), opens new tab rose 0.4%, with financials leading the gains amid renewed investor confidence.
Qatar Islamic Bank (QISB.QA), opens new tab climbed more than 1%.
Investors continue to keep a close watch on the U.S. Federal Reserve as softer job data solidified expectations of a rate cut on Wednesday, with bets growing for additional cuts in October and December.
The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.5%, building on gains from the past two sessions, supported by broad-based sectoral strength.
Orascom Construction (ORAS.CA), opens new tab jumped 4.7% after debuting its primary listing on Abu Dhabi’s main index (.FTFADGI), opens new tab on Thursday, while retaining its secondary listing on the Egyptian exchange.
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