Irish billionaire Paul Coulson has struck a $300m deal that will see him walk away from Ardagh.

Ardagh Group agreed a debt restricting deal that will see some of its creditors take over the whole business.

In a press release shared on Monday, holders of $4.3 billion combined senior unsecured notes and payment-in-kind notes will swap their debt for equity.

Ardagh, which produces cans and glass bottles at facilities across the world, owed creditors more than $10bn.

Negotiations were said to have taken place for more than a year and ended with Coulson agreeing to walk away after Yeoman Capital, the investment vehicle that controls Ardagh, agreed the $300m deal.

Creditors had previously rejected a proposal that would have seen him remain in charge of Ardagh Metal Packaging, the most profitable arm of the business.

Coulson took over the Irish company in the late 1990s, then called Irish Glass Bottle Company – the predecessor to Ardagh.