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Market Chatter: HSBC Faces $400 Million Exposure to UAE's IFFCO After Debt Restructuring Talks Fail

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HSBC Holdings (HKG:0005) has emerged as the top lender to distressed consumer goods producer IFFCO with a possible exposure of around $400 million, Bloomberg reported Friday, citing people familiar with the matter.

The Middle East-based company has been trying for months to restructure about $2 billion in debt, but now faces an insolvency petition after failing to reach an agreement with a group of creditors, according to the report.

The report said it was unclear whether HSBC had followed another lender in cutting its exposure to the ailing United Arab Emirates-based IFFCO in recent weeks.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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