Any other business: Paul Coulson sowed business seeds in his Trinity days
'Paul Coulson is one of Trinity's most successful and interesting graduates of the last 50 years,' the university's website gushes, in relation to the businessman who has finally ceded control of the Ardagh Group to bondholders.
As well as captaining the hockey club, and earning a Pink for tennis (whatever that might be), the website credits Coulson with developing the Pavilion Bar and having 'restructured' the Trinity Ball, returning it to profitability.
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Irish Independent
3 days ago
- Irish Independent
Ardagh has support for deal from 90pc of holders of senior debt
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 PIK notes to agree to the deal by the 'early bird' deadline of tomorrow. Under the terms of the proposed restructuring, holders of $4.3bn (€3.7bn) in combined senior unsecured notes and PIK notes will swap their debt for equity. Secured creditors who do not consent to the deal by today will have their holdings exchanged for new debt at a discounted price of 80c, according to a presentation given by the company to investors. Holders of senior unsecured bonds and of PIK bonds would also lose access to a portion of the allocated equity if they do not sign up. Consenting holders of senior secured notes who sign up to the deal by the early bird deadline will get new exchange notes at par value. Last week Bloomberg reported that a small cohort of Ardagh Group creditors were pushing back against the restructuring deal agreed to by the packaging company and most of its debt holders. The news agency quoted unnamed sources as saying that the minority group, which owned PIK bonds, were consulting with the legal firm White & Case. PIK bonds give the company the option of paying interest in more bonds, or additional debt, instead of cash. The senior unsecured bondholders are due to own 92.5pc of the equity once the deal goes through, while the PIK holders will get the remaining 7.5pc. The PIK notes are trading for less than 5c on the dollar, while the unsecured bonds, due in August 2027, are indicated at about 45c, according to data compiled by Bloomberg. The Ardagh restructuring deal involves unsecured creditors taking over control of the business from the current shareholder, Irish businessman Paul Coulson. His investment vehicle, Yeoman Capital, is set to get a $300m pay-off to walk away. As Mr Coulson currently owns about 36pc of the Ardagh Group, it is expected that he will earn about $108m for the deal. ADVERTISEMENT Ardagh, a recyclable metal and glass packaging firm, is one of the largest manufacturers of its type in Europe. It operates 58 metal and glass production facilities in 16 countries, employing about 19,000 people, and had sales of about $9.1bn last year. Mr Coulson took over Ardagh's predecessor, the Irish Glass Bottle Company based in Dublin, in the late 1990s. Ardagh has been negotiating with bondholders for months as it attempted to find a way of dealing with debt due to mature next year. Higher interest rates and running costs had weighed heavily on the company's balance sheet, which pushed the Irish businessman into a position where he had to negotiate with creditors to reduce the debt load. The company has $2.6bn in obligations due next year. Creditors previously rejected a plan to leave Mr Coulson in control of Ardagh Metal Packaging SA, the most profitable arm of the business, which is listed in the US.
Irish Independent
03-08-2025
- Irish Independent
Any other business: Paul Coulson sowed business seeds in his Trinity days
Plus a family dispute over a Dublin garage, US tycoon puts auctioneers on notice and a lavish estate hits the market 'Paul Coulson is one of Trinity's most successful and interesting graduates of the last 50 years,' the university's website gushes, in relation to the businessman who has finally ceded control of the Ardagh Group to bondholders. As well as captaining the hockey club, and earning a Pink for tennis (whatever that might be), the website credits Coulson with developing the Pavilion Bar and having 'restructured' the Trinity Ball, returning it to profitability.
Irish Times
29-07-2025
- Irish Times
Trade deal fallout and how to start accumulating wealth
After months of fraught negotiations, the EU and US finally have a trade agreement, or at least the bones of one. While much is yet to be worked out, it is clear that it is being seen as a win for the US and loss for the EU. Jack Power and Harry McGee report on the deal, while Colin Gleeson and Paul Colgan report on the reaction to it. Jack also has details of how the deal was done. Ruchir Sharma meanwhile, looks at what the world got wrong about tariffs. Irish financier Paul Coulson has agreed to cede entire control of Ardagh Group, the glass bottles and drink cans giant he built up over the past 25 years, to a group of its bondholders in exchange for a share of a $300 million (€257 million) pay-off. Joe Brennan has the details, as well as how Coulson got to this point . In Your Money, Siobhan Maguire looks at how to accumulate wealth . Do you have to make many, sharp choices. Or do you need to be patient? READ MORE Dominic Coyle meanwhile answers questions on whether you can pay into an Irish pension while being based in the UK, and whether an inheritance from the US is liable for tax in Ireland. The hospitality group which operates Hogan's pub on Dublin's South Great George's Street has lodged plans for a new pub restaurant at the former Ballsbridge Post Office in Dublin 4. Gordon Deegan has the plans. A pay increase of more than €23,000 was approved for the new chief executive of the Housing Agency after negotiations between two government departments. As Ken Foxe reports, the Housing Agency said their preferred candidate, Martin Whelan, had been paid a higher salary than that in his previous role in the National Treasury Management Agency. Aquila European Renewables (AER), the UK-based green energy company that took on a secondary listing in Dublin two years ago, has hit a hurdle in its plans to wind down as the potential buyer of a large portion of its assets scaled back its bid. Joe has the story. Finally, Leah McMahon, financial planner with Limerick-based Castle Capital and Rose of Tralee contestant takes us through her finances . If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
