The packaging group’s recapitalisation is beginning to deliver improvements to its financial performance. Some holders of high-risk bonds squeezed out in last year’s transaction still want a better deal.
Bondholders are taking over the Irish-founded packaging group, squeezing shareholders including Paul Coulson. The new owners are hoping to pay themselves handsomely, but they must turn the business around first.
David Wall is taking over as the executive chairman of the packaging business set up by a former Digicel CEO.
The Ardagh edifice was designed for interest rates a couple of percentage points lower than they are today.
The Ardagh Group has been a master of debt. Walking a fine line, it has borrowed and spent its way to the top of its industry. Now the time has come for Ardagh to de-lever, so its owners can have their long-awaited stock market payday.
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