Paul Coulson Faces Major Financial Challenges – What’s Next for Porto Heli Investment?

In recent years, Porto Heli has emerged as a significant investment destination for powerful international investors implementing large-scale projects in the area. However, the situation for these projects isn’t always favorable, as challenges persist. Specifically, reports from international media highlight the financial difficulties faced by billionaire Paul Coulson due to issues with the Ardagh Group, where he holds a 36% stake. According to Irish Independent, the debt restructuring of Ardagh may lead Coulson to step back from some of his business activities. As the largest shareholder and chairman of Ardagh Group since 1998, Coulson oversees a company that produces glass and metal products with headquarters in Luxembourg. The company serves major clients like Coca-Cola, Rio Mare, and Heineken, operates in 16 countries, employs over 20,000 people, and generates nearly $10 billion in annual sales. Despite this success, Ardagh now faces increasing economic pressure due to inflation and high interest rates. The company’s debt, which reached $10.6 billion last year, requires restructuring. Coulson supports the restructuring plan, which involves transferring glass packaging operations to unsecured creditors in exchange for debt forgiveness and equity in the metal packaging division. The agreement also includes securing new funding worth $1.2 billion. Meanwhile, Coulson is planning a new luxury tourism project at the former AKS Hinitsa Bay in the Hermionida Municipality, set to bear the Four Seasons signature. Spanning 642.5 acres along the coastline, the development will include a five-star hotel and seaside villas with a total capacity of 607 rooms. Completion is expected by 2026, aiming for year-round operation. This project encompasses the former AKS Hinitsa Bay 4* hotel, a private abandoned airport, areas for private residences, and protected forest zones. Coulson’s relationship with Greece began nearly 25 years ago when he first visited the country and discovered Porto Heli, recognizing its investment potential during one of his frequent trips.