Ardagh Holdings faces a legal setback as a Luxembourg court halts the planned disposal of its metal packaging unit following a challenge from minority noteholders, casting uncertainty over the group's divestment strategy.
The Luxembourg court ruling blocks AHSA from proceeding with a sale of its stake in Ardagh Metal Packaging, creating legal and strategic uncertainty around the listed packaging company's ownership without directly impairing its operations.
A Luxembourg district court has issued an injunction preventing Ardagh Holdings SA (AHSA) from proceeding with the potential sale of its stake in Ardagh Metal Packaging. The ruling follows an ex parte request from minority investors holding 2027 senior secured toggle notes, forcing a pause in the strategic review process initiated by the company last month.
The court issued an injunction following a unilateral request from minority investors who hold senior secured toggle notes due in 2027, issued by the former parent entity ARD Finance.
Ardagh Holdings stated that the investors' application is without merit and is actively challenging the order with an application to have it withdrawn.