On 28 July 2025, Ardagh Group--the parent company of Ardagh Metal Packaging--revealed a recapitalisation plan to relieve its debt and strengthen its financial structure. The deal, supported by a majority of creditors, includes a conversion of $4.3bn of debt into equity and an injection of $1.5bn of new funds.

The mechanism of this recapitalisation is based on a debt-for-equity swap. Holders of senior unsecured notes (SUNs) will receive 92.5% of Ardagh Group’s share capital, while holders of risky bonds (PIK notes) will get the remaining 7.5%. Creditors holding senior secured notes (SSNs) will have their securities converted into new bonds with an extended maturity until 2030.

Yeoman Capital--the investment vehicle through which Coulson controls Ardagh--will receive a €273m ($300m) premium to exit, according to an investor presentation published on Monday.

This transaction is designed to reduce Ardagh Group’s debt and extend repayment maturities, providing greater financial visibility. The transaction is expected to be completed by 30 September 2025, subject to the necessary regulatory approvals.

This recapitalisation does not affect the capital structure or listing of Ardagh Metal Packaging, which remains a subsidiary of Ardagh Group.

Rising interest rates, soaring energy costs and falling demand in the drinks sector have weighed on Ardagh’s performance. By 2025, the group's estimated $12.5bn debt had become unsustainable. Faced with this situation, Coulson is negotiating a debt restructuring with creditors, which includes a debt-for-equity swap and an injection of new funds.

As part of the deal, Coulson agrees to cede control of Ardagh to creditors in return for a payment of €108m, according to The Irish Times.

This article was originally published in French.