Already common in the US, these reshuffles are now creeping into Europe. Ardagh Group, a Luxembourg-based maker of bottles and cans, is the latest capital contortionist. Under a proposed $10bn restructuring, holders of its riskiest “payment-in-kind” (PIK) debt, with a face value of $1.7bn, would trade their claim for a 7.5 per cent equity stake in an unlisted entity. Meanwhile, equity shareholders — including Irish billionaire and entrepreneur Paul Coulson — emerge with a cash payout of $300mn.