AMERICAS DISTRESS DAILY: Ardagh Offers Secured Creditors a Deal

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.

In Other News:

• US President Donald Trump’s tariffs are prompting analysts and investors to dust off their worst-case scenarios for defaults as the trade war pushed prices on more than $58 billion ...