Recapitalization

OpenAI finalized its strategic recapitalization, reinforcing its structure where a nonprofit foundation controls its for-profit PBC. The OpenAI Foundation now holds a $130 billion equity stake in the for-profit arm, ensuring alignment with beneficial AI development. Microsoft maintains a significant stake, valued at $135 billion. Key changes include Microsoft’s broader AGI pursuits and OpenAI’s ability to collaborate with other partners. Microsoft’s IP rights are extended to 2032, excluding OpenAI’s consumer hardware. Both companies emphasize continued collaboration and building impactful products.

Ardagh Group S.A. has announced a comprehensive recapitalization agreement with key financial players, including its controlling shareholder and a significant creditor coalition. The deal slashes $4.3 billion in debt via a debt-for-equity swap, extends bond maturities to 2030, and injects $1.5 billion in new capital. Ownership will transfer to noteholders, while Ardagh retains its Glass and Metal Packaging businesses. The transaction, expected to close by September 30, 2025, is subject to regulatory approvals.