Ardagh Calls Off Debt Negotiations With Unsecured Creditors (2)

Negotiations between Ardagh Group SA and a group of unsecured bondholders about an overhaul of its capital structure have broken down, with points of difference including the future ownership structure of the metals business.

The company was previously in talks with its owner, Irish billionaire Paul Coulson, and a group of senior unsecured bondholders about a potential debt restructuring. The parties have not reached an agreement and are no longer in discussions, according to a statement.

A number of differences emerged, including how much equity existing Ardagh shareholders would receive in the future entity holding the metals business, ...