AMERICAS DISTRESS DAILY: Ardagh Creditors Near Deal to Take Over

Ardagh Group is nearing a deal to hand creditors full control, with Irish billionaire Paul Coulson to receive a one-off payment of about $250 million. The deal would see Coulson hand over Ardagh’s glass business and his controlling stake in the metal unit to debtholders.

• The company and its creditors are drawing up alternative plans in case they fail to reach an agreement.
• Creditors would provide as much as $1.4 billion of new debt to pay off Coulson, refinance a facility, and give fresh liquidity to the business.

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