UAE-Based IFFCO Said to Explore $1.5 Billion Debt Restructuring

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.