Ardagh Group has announced that a district court in Luxembourg has issued an order against Ardagh Holdings, blocking the sale of all or parts of its interests in Ardagh Metal Packaging.
The order followed an application from several minority bondholders who own high-priority, asset-backed debt, also known as senior secured toggle notes, issued by ARD Finance, a former parent company of Ardagh Group, before the November 2025 recapitalization.
Although the recapitalization was completed in 2025, the minority investors remain creditors of ARD Finance as they hold bonds that are due to be repaid in 2027.
The minority holders made the application ex parte, meaning the court considered their request without first hearing Ardagh Holdings’ side.
“The order was issued against Ardagh Holdings without Ardagh Holdings having had the opportunity to present its position,” says the company.
“Ardagh Holdings strongly believes that the application is without merit. It is vigorously challenging the order and has made an application for it to be withdrawn.”
Divesting the metal business
Ardagh Holdings is the parent company of Ardagh Group, which operates 58 metal and glass production facilities in 16 countries, employing approximately 20,000 people. The company estimates sales of US$9.6 billion.
Earlier this year, it announced preparations for the potential sale of “some or all of the equity interests” it holds in Ardagh Metal Packaging to a third-party buyer.
The potential transaction would see Ardagh Holdings acquire all the shares of Ardagh Metal Packaging to facilitate a sale to a third-party buyer, the global packaging supplier adds.
Ardagh Metal Packaging operates 23 production facilities in nine countries, employing approximately 6,500 people with estimated sales of US$5.5 billion in 2025.
Following Ardagh Group’s second-quarter results of 2026, Mark Porto, executive chairman, noted that Ardagh Metal Packaging’s performance was “strongly ahead of expectations.”
“Since our last update, the full-year outlook for Ardagh Metal Packaging has improved; however, we face additional pressure in the full-year outlook for Ardagh Glass Packaging, including increased input cost inflation arising from the Middle East conflict,” Porto adds.
Earlier this year, conflict in the Middle East disrupted packaging supply chains. Brewers in India warned of glass bottle and aluminum can price increases as disruptions to the supply of natural gas and shipping delayed imports. It also triggered a shortage of naphtha feedstock in South Korea and Taiwan.
By Libby Davis
Source: packaginginsights.com
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