Heavy Debt Load from Toggle PIK Notes
According to the declaration, ARD Finance issued about €1 billion and $895 million in senior secured toggle PIK notes in 2019 under New York law, all maturing in 2027. The company told the court it is currently unable to repay the notes.
In January 2022, ARD Finance partially redeemed the debt, paying down €204.1 million and $234.7 million. Even after that step, it still carries approximately €860 million and $986 million in outstanding obligations.
ARD Finance formally entered judicial reorganization in Luxembourg on Nov. 12, setting the cross-border process in motion.
Part of a Broader Ardagh Overhaul
Separately, Ardagh Group has disclosed a sweeping recapitalization plan, slashing about $4.3 billion in debt through a debt-for-equity swap and injecting roughly $1.5 billion in fresh capital.
The company is a major global producer of sustainable metal and glass packaging, operating 58 plants across 16 countries, employing about 19,000 people, and generating approximately $9.1 billion in annual sales.
