07:55 AM EDT, 10/21/2025 (MT Newswires) -- Deutsche Bank ( DB ) and Carronade Capital are challenging a $10 billion restructuring plan for Ardagh Group, arguing that it unfairly benefits certain creditors and shareholders, the Financial Times reported Tuesday.

The report said that the deal, spearheaded by billionaire Paul Coulson, would transfer control of the heavily indebted packaging firm to bondholders while distributing $300 million to shareholders, including more than $100 million to Coulson himself.

It also said that the plan would completely write off $1.7 billion in payment-in-kind bonds in exchange for just a 7.5% equity stake in the restructured company.

Deutsche Bank ( DB ) and Connecticut-based Carronade Capital, which reportedly hold 13% of the payment-in-kind bonds, are pushing for a better settlement. According to the Financial Times, they are potentially considering legal action if an improved offer is not presented.

Deutsche Bank ( DB ) and Carronade did not immediately respond to MT Newswires' request for comment.

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