Ardagh Holdings SA, a major European maker of glass bottles and metal cans, has been barred by a Luxembourg district court from selling its metal-packaging business, complicating plans by new owners to monetize a key asset. The court order followed an application by minority holders of senior secured notes issued by ARD Finance SA, the former parent of Ardagh Group. Last year, creditors including Arini Capital Management Ltd. and Canyon Capital Advisors LLC took control of Ardagh from Irish billionaire Paul Coulson after a debt restructuring addressing over $7.9 billion in liabilities.

Ardagh Metal Packaging was a central asset in that restructuring. A group of PIK holders previously challenged the restructuring in Luxembourg, alleging unlawful stripping of collateral, but lost in first instance and are appealing. They also litigated the share pledge appropriation tied to the restructuring plan, with the case still pending.

Ardagh Holdings stated on Wednesday that it is “vigorously challenging the order and has made an application for it to be withdrawn.”.