UAE’s IFFCO Poised to Undergo Provisional Liquidation, FT Says

IFFCO Group is on the verge of entering provisional liquidation after months of stalled restructuring negotiations, the Financial Times reported, citing people familiar with the situation.

A consortium of creditors led by HSBC Holdings Plc sought court intervention to gain control of the Dubai conglomerate, which has $2 billion in debt, the FT said Sunday. The lenders nominated FTI Consulting as provisional liquidator.