Ardagh Group has finalised a $5.8 billion recapitalisation that sharply reduces its debt and extends maturities, with backing from nearly all of its creditors.

The restructuring involves a $4.3 billion debt-for-equity swap, the issuance of $1.5 billion in new first-lien senior secured notes due 2030, and the extension of its $0.5 billion asset-based loan facility to 2030. Ownership of Ardagh now passes to its lenders, mainly large financial institutions and investment funds.

According to reporting in the Irish Independent, the overhaul also marks the exit of founder Paul Coulson, who is understood to be leaving the business with a payout estimated at around $100 million (€86 million).

As part of the leadership transition, Mark Porto becomes Executive Chairman, joined on the board by Jean-Pierre Floris. Outgoing Chair Herman Troskie said the deal “creates a sustainable platform for future growth” as Ardagh refocuses on its long-term strategy.

As part of the transaction, Mark Porto has been appointed Executive Chairman of Ardagh Group, and Jean-Pierre Floris joins the board. Several existing directors, including Paul Coulson, Gavin Coulson, James Donath, Gerald Moloney and John Sheehan, have resigned.

Outgoing Chairman Herman Troskie said the company is “very pleased to have concluded this transformational recapitalisation” and looks forward to executing its business plan with the new shareholders.