Ardagh Creditors to Pay Owner Paul Coulson Up to $300 Million to Walk Away

Ardagh Group SA creditors are set to pay billionaire owner Paul Coulson as much as $300 million as part of a deal to hand over the keys to the company, according to people with knowledge of the situation.

The transaction will launch in the coming days, said the people, who asked not to be identified because they aren’t authorized to speak publicly. To implement the deal without court approval, at least 90% of creditors would need to support it. If it fails to meet the threshold but still gets the backing of at least 75% of debtholders, the company plans to pursue a court-supervised restructuring in the UK, the people added.