Investing.com -- HSBC Holdings has approximately $400 million in exposure to IFFCO Group, making it the top creditor to the Middle East consumer goods company currently working to restructure about $2 billion in debt, according to Bloomberg News, citing people familiar with the matter.

IFFCO Group, one of the Middle East's largest consumer goods companies based in the United Arab Emirates, produces cooking oils, biscuits and personal care brands. The company has spent months attempting to restructure its debt obligations.

A creditor group recently filed insolvency petitions after negotiations failed to produce an agreement, the people said. They declined to be identified as the information is private.

Dubai's Emirates NBD Bank PJSC is another large creditor to IFFCO, though it has reduced its exposure to over $100 million, some of the people said. It remains unclear whether HSBC has reduced its exposure in recent weeks.

Representatives for HSBC and Emirates NBD declined to comment. IFFCO did not respond to requests for comment.