Monday, June 15, 2009

Glass firm raises funds from bonds

Ardagh Glass, the Dublin-based glass 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.

Ardagh Glass is the third biggest glass container manufacturer in Europe, with 18pc of the market but swung in to the red last year after it took on a E37m restructuring charge related to the major redundancy package it offered workers as part of major cost cutting.