Hedge funds sue Ardagh and owner Paul Coulson over debt plan

The two funds, which together hold more than 30% of Ardagh’s sterling-denominated unsecured notes due in 2027, claim the metals arm is the most valuable asset owned by the company

The Paul Coulson-owned firm had €9.7bn of debt last year.

Hedge funds Arini and Canyon Partners LLC filed a lawsuit in New York against Ardagh Group and its billionaire owner Paul Coulson over a restructuring plan they allege siphons value away from creditors.

Last week, the packaging conglomerate said it is in talks with a group of unsecured creditors for a deal that would slash its debt pile.