Ardagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the

Ardagh Group will want to clear the legal challenge by Arini and Canyon before finalising a deal with creditors. Currently, the only transaction under

The ending of discussions between the SUNs and Ardagh Group is bad news for the SUNs. Ardagh looks to have rejected the latest SUN's counterproposal and

The closure of the Dolton plant will not have a major impact on Ardagh’s business, but it does underline that the weakness in glass packaging in the US is

Paul Coulson and Ardagh’s CFO have resigned from the board of to-be-restructured ARD Finance, the issuer of the

The appointment of two restructuring experts as non-execs reflects the imminent restructuring. We expect the sale of Trivium Packaging will

SSN holders have realised their interests do not align with SUN holders. We have been puzzled at the level of cooperation between debt classes, and now

If the Trivium sale is done via an auction, it will probably be a few weeks away. However, the disposal should happen by 25Q1 and will

The permanent closure of the Seattle wine bottle facility has a modest impact but reflects the weakness in that segment of the

The downgrade to Caa2 (Negative) at Moody’s reflects the looming debt restructuring at Ardagh Group. The agency acknowledges the

The €269m (2029 maturity) Apollo loan adds more senior debt ahead of the SUNs. The new loan repaid ABL drawings, but the ABL is still available. In the event of

Ardagh’s SUNs are up another couple of points on the news that a Trivium deal is close. We are very puzzled by the strength of the SUNs, which

Completing the sale of Trivium will provide Ardagh with the cash to fund the Amend & Extend operation piece of its

Ardagh has four production facilities in the UK, and the incoming (in 2025) recycling rules in the UK will hurt the competitiveness of glass unless

Stefan Schellinger was CFO at ContourGlobal when it was taken private by KKR in 2022. Reservoir Capital held 70% of ContourGlobal when KKR bough

The SUNs have fallen five points since May, positive news for our short, but more reflective of the pressures to execute a restructuring than new

The appointment of advisors by a new cross-capital structure creditor group is a slight positive for SUN's holders. There will be investors long

The US glass business is not rebounding as fast as hoped, and due to the state of the market, Ardagh is closing a

These layoffs do not fundamentally change the picture for Ardagh Glass (AG), but pressure from cheap imports continues to hurt sales in