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Ardagh Creditors Agree to Take Over Packaging Firm From Coulson

Ardagh Creditors Agree to Take Over Packaging Firm From Coulson

Bloomberg6 days ago
Ardagh Group SA has agreed with a debt restructuring which will see some of its creditors take control of the whole business from Irish billionaire Paul Coulson.
Holders of $4.3 billion combined senior unsecured notes and payment-in-kind notes will swap their debt for equity, according to a press release published on Monday. The senior unsecured bondholders will own 92.5% of the equity following the transaction, while the PIK holders will get 7.5% of the shares.
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