IFFCO Group, one of the UAE’s largest privately owned food conglomerates and the company behind brands such as London Dairy ice cream and Tiffany biscuits, is reportedly exploring the restructuring of its multi-billion-dollar debt.
The consumer goods company has appointed Alvarez & Marsal as its restructuring adviser, while creditors are working with PwC to assess the potential restructuring of at least USD 1.5 billion in debt.
The group has notified lenders that it will suspend principal repayments, though further details have not been disclosed.
Discussions are still at an early stage, and there is no certainty that an agreement will be finalised.
Established in 1975 by the India-based Allana Group, IFFCO has since expanded its presence to 50 countries and built a portfolio of 80 well-recognised brands.
