Ardagh Disgruntled Creditors to Oppose Debt Overhaul in Court

A group of Ardagh creditors is planning to oppose its debt restructuring plan in a Luxembourg court, the latest hurdle in a complex process to overhaul the packaging firm’s liabilities.

The dissenting group is holding out on the company’s restructuring, alleging the firm unlawfully stripped away their collateral, according to people familiar with the matter, who asked not to be identified discussing private information.

Carronade Capital Management and Deutsche Bank’s Distressed Products Group are part of the dissenting creditor group, which owns more than 10% of the payment-in-kind senior secured bonds of ARD Finance SA, a holding company, ...