Irish Tycoon Coulson Nears Deal to Cede Ardagh to Creditors

Paul Coulson is nearing an agreement to hand creditors full control of Ardagh Group SA, the company he transformed into a global packaging giant.

The Irish billionaire is finalizing the details of a deal that would see him receive a one-off payment of about $250 million in exchange for handing over Ardagh’s glass business and his controlling stake in the metal unit to debtholders after months of fraught negotiations, according to people familiar with the matter, who asked not to be named because they aren’t authorized to speak publicly.