Ardagh has support for deal from 90pc of holders of senior debt

Packaging company could now push through restructuring in court process known as scheme of arrangement

Paul Coulson. Photo: Doug O'Connor

The packaging company Ardagh has said it has won the backing of over 90pc of holders of senior debt, and of over 75pc of those holding payment-in-kind (PIK) notes, for a planned restructuring.

The company needs to get over 90pc consent from all classes in order to implement the deal on a fully consensual basis. However, now the ­level of PIK support has passed 75pc, it could seek to push through the deal through a court restructuring process known as a scheme of arrangement.

Giving the Transition Services Update, the Irish company encouraged all remaining holders of senior debt and of P

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