Paul Coulson, the billionaire at the helm of Ardagh Group for over 25 years, is on the verge of handing over control of the global packaging giant as part of a sweeping debt restructuring, according to Bloomberg.

The proposed deal would see creditors take control of Ardagh in exchange for a $250 million payment to Coulson. 

In return, he would walk away with the group’s glass operations and his controlling interest in Ardagh Metal Packaging (AMP).

The shake-up is being driven by Ardagh’s heavy debt load, which sits at around $12.5 billion. Talks are centred on refinancing roughly $2.5 billion in bonds due by August 2026, alongside a broader recapitalisation effort.

AMP, listed in New York and 76%-owned by Ardagh, has been a bright spot in recent quarters. Its beverage cans division reported an 11% jump in Q1 revenue to $1.27 billion, prompting the company to upgrade full-year earnings guidance. 

That’s in stark contrast to Ardagh’s glass unit, which posted a 6.7% drop in revenue, continuing a downward trend.

Coulson’s influence over Ardagh stems from an 18.8% direct stake in the parent company and a 52.4% interest in Yeoman Capital, which holds a third of the group, amounting to a 36.6% equity interest overall.

While the final terms remain in flux, the deal marks a turning point for Ardagh and its founder, with AMP’s future likely to be shaped by new hands as the company navigates its next chapter.