Irish Tycoon Coulson Cedes Control of Ardagh to Creditors

Ardagh Group SA has agreed a debt restructuring that will see some of its creditors take over 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.