Latest news with #bondholders
Irish Times
20 hours ago
- Business
- Irish Times
Paul Coulson offered $250m to walk away from Ardagh amid crunch debt talks
Businessman Paul Coulson has been offered $250 million (€218 million) by bondholders in Ardagh Group to walk away from the packaging empire he built over the past 25 years, as debt restructuring talks enter a crunch phase. The offer would see Mr Coulson cede control of the glass and metal containers giant, which has about $12.5 billion of borrowings, and abandon previous notions of retaining control of its prized Ardagh Metal Packaging (AMP) arm, the sources said. The proposal is one of a number of potential debt solutions under discussion in parallel with the company, a source said. All involve substantially addressing about $2.5 billion of bonds that fall due in August 2026 and would involve the injection of new money into the business, the source added. Bloomberg first reported the offer for Mr Coulson to hand over entire control of Ardagh Group to certain bondholders, indicating it is the most likely outcome even as a number of alternatives remain in play. READ MORE Under the proposal, unsecured creditors would take a majority stake in the group after the overhaul, Bloomberg reported. Secured creditors would have their debt reinstated at par, and receive a double-digit coupon, it said. A spokesman for Ardagh Group declined to comment on the current state of talks. [ Ardagh talks with creditor group break down over improving cans unit Opens in new window ] The development comes weeks after Ardagh Group walked away from talks with unsecured bondholders, who were being asked by the group to write off much of the $2.32 billion they are owed in exchange for taking full ownership of the glass containers part of the business. Mr Coulson had envisaged Ardagh Group spinning its shares the valuable AMP division into a new company (NewCo) that would be 80 per cent owned by Mr Coulson and other existing Ardagh Group shareholders. He proposed that unsecured creditors would only receive 20 per cent of the division. Ardagh Group currently owns 76 per cent of New York-listed AMP. Bobby Healy on why Manna drone delivery could be the 'biggest technology company in the world for its space' Listen | 67:08 Ardagh Group, which Mr Coulson built into one of the world's largest packaging companies through a series of debt-fuelled acquisitions, said more than a year ago that it was considering options to lower its $12.5 billion debt pile. The burden had become increasingly unsustainable in recent years amid weaker-than-expected earnings. Talks with the senior unsecured creditors became more complicated when Ardagh Group said in April that the beverage cans unit had turned a corner', helped by a rebound in activity across the energy drinks, sparkling water and health and wellness categories. [ Ardagh enlists restructuring experts to board as it looks to cut €12bn debt Opens in new window ] AMP reported its revenues grew by 11 per cent year-on-year in the first quarter to $1.27 billion and upgraded its full-year earnings forecast. However, Ardagh Group's legacy glass business saw its revenues drop 6.7 per cent to $961 million during the quarter as this arm of the group continued to struggle. Meanwhile, holders of some $1.8 billion of risky bonds issued by a holding company above the operating Ardagh Group are expected to lose almost all of what they are owed. These bonds are currently trading at about 4 per cent of their original value. Mr Coulson controls Ardagh Group through an 18.8 per cent direct stake in its ultimate parent company and a 52.4 per cent interest in a vehicle called Yeoman Capital, which owns 33.9 per cent of the group. He effectively owns 36.6 per cent of the equity in a business that traces its roots to the Irish Glass Bottle Company, founded in Dublin in 1932.
Bloomberg
3 days ago
- Business
- Bloomberg
IMF Met With Emerging-Market Creditors on Debt Rework Strategies
A group of International Monetary Fund officials met private creditors last week in London, as part of the multilateral lender's work to publish a new report on sovereign debt restructurings in emerging markets, according to people familiar with the matter. IMF staff members met on June 9 with some bondholders from hedge funds and other asset managers to seek the private creditors' input on sovereign debt restructurings from 2020 onwards, the people said, asking not to be named because the meeting was private.
Yahoo
3 days ago
- Business
- Yahoo
Notice on Convocation of Uab 'Orkela' Bondholders' Meeting on 10 July 2025 (ISIN Code Lt0000405961)
Please be informed that, at the initiative of UAB "Orkela" (company code 304099538, registered address at Jogailos St. 4, Vilnius, Lithuania) (the Company) and by the decision of the bondholder's representative UAB "AUDIFINA" (company code 125921757, registered address at A. Juozapavičiaus st. 6, Vilnius, Lithuania) (the Trustee), a meeting of the bondholders of the Company's bond issue, ISIN code LT0000405961 (the Bonds), will be held on 10 July 2025 at 10:00 AM (the Meeting) at the St Jacobs Complex, Vasario 16-osios str. 1, Vilnius. The Company initiated the convening of the Meeting due to the high likelihood that, by the Redemption Date, the full completion of the St. Jacob's building complex, located at Vasario 16-osios g. 1, Vilnius, will not be registered in accordance with all applicable procedures. Given the potential impact this may have on the Company's financing capabilities, the Company is requesting an extension of the redemption deadline. Accordingly, the Company seeks approval from the Bondholders to extend the redemption date of the Bonds by three months, from the originally scheduled date of 19 July 2025 to 19 October 2025. For the final interest period (19 July 2025 to 19 October 2025), the Company will pay a higher annual interest rate of 9%. The Company emphasizes that the first-ranking mortgage on the real estate, established for the benefit of the Bondholders, will remain in full effect. A notice regarding the convening of the Meeting, which includes the agenda, the Company's proposed decision for the Meeting, and other matters, is attached to this notice (along with the general voting ballot). These documents are also published on the Trustee's website at and on the Company's website at We kindly ask all Bondholders to attend the Meeting and express their will regarding the Company's proposed decision for the Meeting. If attendance is not possible, we kindly request that you consider voting in advance by completing the general voting ballot and submitting the document confirming your right to vote (and if applicable, the basis of representation) to the Trustee no later than 14:00 (Vilnius time) on 9 July 2025. The documents may be (i) delivered or sent by registered mail to A. Juozapavičiaus st. 6, Vilnius, Lithuania, or (ii) if the general voting ballot is signed with a qualified e-signature, sent along with the document confirming your right to vote (and if applicable, the basis of representation) by email to obligacijos@ If you have any questions regarding the notice (and its annex), the Meeting, or the items to be discussed at the Meeting before the scheduled date, please feel free to contact the Company (via email at info@ or the Trustee (via email at obligacijos@ Anastasija PocienėDirector Attachments Orkela_Isankstinio balsavimo biuletenis_V.2 2025 06 17 Pranesimas apie obligaciju savininku susirinkimaError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
3 days ago
- Business
- Zawya
New World bondholders receive interest payment on dollar note, Bloomberg News reports
New World Development, a Hong Kong property developer, has paid interest due Monday on a dollar note, Bloomberg news reported on Tuesday, citing several bondholders. New World, which has one of the highest debt ratios among its peers and also had two CEO changes last year, said earlier this month it would defer coupon payments worth $77.2 million on four perpetual bonds scheduled for June. Reuters could not immediately verify the report. (Reporting by Anusha Shah in Bengaluru)
Bloomberg
3 days ago
- Business
- Bloomberg
New World Bondholders Receive Interest Payment on Dollar Note
New World Development Co. has paid interest due Monday on a dollar note, according to several bondholders, giving the indebted Hong Kong builder some breathing room as it works to complete an HK$87.5 billion ($11.1 billion) loan refinancing deal. The company faced $5.05 million in interest payments due Monday on the 5.875% bond, according to Bloomberg calculations. Investors were closely monitoring the deadline after the builder recently decided to defer coupon payments on four perpetual notes.
