Ardagh Closes Debt Deal and Seeks to Bind Minority Creditors

Packaging firm Ardagh Group SA has completed its debt restructuring, and is using a court process in Luxembourg to bind a minority of dissenting creditors to the deal, according to a statement on Wednesday.

Senior unsecured creditors have taken over the equity in the business, the company said, after previous owner Paul Coulson transferred his ownership in exchange for a $300 million payout.

Hours earlier, Ardagh said it had reached an amicable deal with most of its creditors and stakeholders under a Luxembourg law that lets companies agree a consensual restructuring with its creditors and seek court approval to certify ...