As Ardagh Group shows signs of recovery, a minority of bondholders are not giving up their challenge to the recapitalisation that saw the packaging multinational impose a haircut on their claims and buy out shareholders, including Paul Coulson, for $300 million (€260 million) last November. Results released last Thursday show that performance improved during the final quarter of 2025, when the deal closed with the approval of a majority of bondholders. A four per cent rise in constant-currency revenue to $2.4 billion delivered a 200bps increase in Ardagh’s adjusted Ebitda margin to 14.35 per cent compared with the same period…

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