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Irish Independent
20-05-2025
- Business
- Irish Independent
Ardagh quits debt talks after lenders push for bigger equity stake
Under a plan first outlined in March, a group of unsecured bondholders were expected to take over Ardagh's glass-packaging operations in exchange for a write-down on what they are owned. They'd also receive $784m of preferred equity. The creditors were to provide fresh financing and crucially get a stake in Ardagh's metal-packaging arm, which is listed in the US and produces cans for the drinks industry. The US stock market listed shares own 24pc of the cans side of the business. Under the terms that had been under discussion between Ardagh and the lenders since March the remaining 76pc stake in the cans unit would be divided 80:20 between Paul Coulson and the unsecured bondholders. However, on May 18th s a modified proposal from the senior unsecured Ardagh bondholders pushed changes including for a 60:40 split of the canning business stake. Ardagh on Tuesday said Paul Coulson, as majority shareholder, had rejected that proposal. "The parties were unable to reach an agreement and have concluded negotiations at this time. The company remains committed to putting in place a sustainable capital structure. The company will continue to review its options and may continue discussions with its financial stakeholders in the future relating to its capital structure and its applicable debt maturities,' Ardagh said. The restructuring negotiations involve Coulson and Ardagh, a lender group dubbed the SUN bondholders who own most the Ardagh's Senior Unsecured Notes plus some Senior Secured Notes and a second lender group dubbed the SNN bondholders who own a majority of Ardagh's higher ranked Senior Secured Notes plus some unsecured notes. Rejection by Ardagh of the SUN group's latest demands is likely to see the firm shift focus to trying to cut an alternative deal with the better secured SNN lender group who'd have been largely unaffected by the proposed deal with the Sun group, with their debt to be reinstated in part into new debt instead of riskier equity. While a debt deal is widely seen as necessary to address the scale of Ardagh's borrowings a hard deadline to concentrate minds is likely to be some way off, with no major debt repayments falling due until August 2026. Ardagh Group had cash and available liquidity at March 31, 2025, of over $1.1bn. The debt talks have no impact on day to day operations at any of the group's operations. The group had $10.6bn (€9.7bn) of consolidated debt as of end of last year, although only part of it was subject to the restructuring. The March deal from the unsecured bondholders' group had the support in principle of Paul Coulson and looked to be moving towards a consensual restructuring transaction. The group of unsecured creditors is being advised by PJT Partners Inc and Akin Gump Strauss Hauer & Feld LLP. The secured creditors are working with Perella Weinberg Partners and Gibson, Dunn & Crutcher LLP.
United News of India
26-04-2025
- Politics
- United News of India
Death toll from Iran port explosion rises to 8
World Tehran, Apr 26 (UNI) The death toll from the explosion at the Shahid Rajaee port in the southern Iranian city of Bandar Abbas has risen to eight, Iranian Interior Minister Eskandar Momeni said on Saturday. "The death toll from the incident at the Shahid Rajaee port has risen to eight," Momeni was quoted as saying by the Tasnim news agency. In addition, the interior minister was quoted as saying by the SNN news agency that 750 people had been injured so far. UNI SPUTNIK GNK
Yahoo
06-03-2025
- Business
- Yahoo
Smith & Nephew opens door to break-up in response to activist, The Times says
Smith & Nephew has opened up to a possible break-up of the company amid activist pressure to consider a separation of its largest segment, its struggling orthopedics division, marking a shift in the company's public position, reported The Times' Alex Ralph. In a meeting with City analysts after Smith & Nephew's full-year results last week, CFO John Rogers said the group remained committed to the turnaround of the largest of the group's three units, but could consider options if its growth does not 'sustainably improve' or does not result in a re-rating in the shares, The Times noted. See what stocks are receiving Strong Buy ratings from top-rated analysts. Filter, analyze, and streamline your search for investment opportunities with TipRanks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on SNN: Smith & Nephew announces its efforts to develop technology in Spatial Surgery Smith & Nephew price target raised to 1,300 GBp from 1,250 GBp at Deutsche Bank Smith & Nephew Announces Share Capital Details Positive Outlook for Smith & Nephew: Buy Rating Driven by Strategic Initiatives and Market Growth Potential Smith & Nephew Snats (SNN) Announces Q2 Dividend: Read On for Important Dates Sign in to access your portfolio
Yahoo
05-02-2025
- Politics
- Yahoo
Report: Iran returns body of German-Iranian Jamshid Sharmahd
Iran transferred the body of Iranian-German dual national Jamshid Sharmahd back to Germany on Wednesday after he died in custody in Iran, Iranian state broadcaster SNN reported. The measure was taken as part of "legal and diplomatic proceedings" and at the request of Sharmahd's family, SNN reported, citing the Iranian judiciary. It was initially unclear whether Sharmahd's body had already been flown out of the country, or just handed over to the German diplomatic mission in Tehran. Iran's judiciary announced Sharmahd's execution at the end of October. He had been sentenced to death in early 2023 in a controversial trial following allegations of terrorism, which relatives and human rights activists categorically rejected as baseless. Iran's judiciary later declared that Sharmahd had not been executed but had died in custody. Germany's Foreign Office said that the German government was working intensively at a high level for the repatriation of Sharmahd's body, and remains in close contact with the family members. In response to Sharmahd's death, the German government summoned the German ambassador to Iran back to Berlin for consultations and closed all three Iranian consulates in Germany. German Foreign Minister Annalena Baerbock justified the move as a response to the "inhumane actions" of the Iranian regime.
