|
|
Article: Shattering losses felt at Ardagh Glass.(News)
- Article from:
- Daily Mail (London)
- Article date:
- June 15, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Irish Daily Mail Reporter
ARDAGH Glass, the Dublinbased manufacturer led by Paul Coulson that lost E46m last year, is to raise E300m from the sale of bonds due in 2016 to restructure the company's debts.
The company is the third biggest glass container manufacturer in Europe with 18pc of the market. It swung into the red last year after it took on a E37m restructuring charge related to the major redundancy package it offered workers as part of cost cutting.
The aim of the proposed bond sale is to improve 'liquidity headroom' for general business purposes and to push out the dates of loans by swapping existing bank debt for longer-term ...