A Luxembourg court order is preventing Ardagh Holdings from currently proceeding with the potential sale of all or part of its interests in Ardagh Metal Packaging (AMP).

A summary judge of the district court of Luxembourg issued the order following a unilateral application by certain minority holders of senior secured toggle notes due in 2027 issued by ARD Finance, a parent company of Ardagh Group prior to its recapitalisation in November 2025.

Ardagh Holdings said the order was issued without it having had the opportunity to present its position. The company said it “strongly believes that the application is without merit” and is challenging the order. It has also applied for the order to be withdrawn.

The order is the latest flashpoint in a long-running dispute between Ardagh and a group of dissenting noteholders left over from the group’s 2025 debt restructuring. According to Bloomberg Law, that overhaul saw senior unsecured creditors take control of the business after former owner Paul Coulson exchanged his stake for a $300 million payout, with the bulk of the deal completed consensually in late 2025.

A minority of paid-in-kind (PIK) noteholders, reported by Bloomberg Law to include Carronade Capital Management and Deutsche Bank’s Distressed Products Group, refused to sign up. Ardagh used a relatively new Luxembourg legal mechanism, judicial reorganisation proceedings, to bind the holdouts to the plan, a move its counsel described to Octus as the first large-cap use of the procedure in Luxembourg. The dissenting group has argued it was unlawfully stripped of its collateral and would be better off under a liquidation, and has continued to contest the terms in court.

Ardagh had already put its metal cans business up for sale, appointing Evercore as financial adviser and Kirkland & Ellis as lead legal counsel on the process, according to The Currency. The latest court order now puts that process on hold, at least for the time being, while Ardagh challenges the injunction.

AMP operates 23 production facilities in nine countries, employing approximately 6,500 people with sales of $5.5 billion in 2025.