Creditors agree takeover of Irish packaging giant Ardagh from Paul Coulson

Mr Coulson's investment firm Yeoman Capital will receive a €257m payoff to exit the firm

Ardagh Group chair Paul Coulson rings the opening bell at the group's listing day at the New York Stock Exchange on March 15, 2017. Mr Coulson will cede control of the firm as part of a deal agreed.

Glass and metal packaging giant Ardagh Group has agreed with a debt restructuring which will see some of its creditors take control of the whole business from Irish billionaire Paul Coulson.

Holders of $4.3bn (€3.69bn) combined senior unsecured notes and payment-in-kind (PIK) notes will swap their debt for equity, the company said on Monday. The senior unsecured bondholders will own 92.5% of the equity following the transaction, while the PIK holders will get 7.5% of the shares.