Ardagh Offers Secured Creditors New Debt Amid Restructuring

Ardagh Group SA is offering its secured creditors to exchange bonds nearing maturity for new debt instruments as part of a broader restructuring that would see Irish billionaire Paul Coulson lose control of part of the business.

Ardagh is already in talks with a group of unsecured bondholders for a deal that would see them take over the glass packaging business in exchange for writing off their debt. The metals business would be transferred to a new entity controlled by Coulson with unsecured creditors to get a 20% minority stake, as well as some preferred equity.

The proposal has been ...