Ardagh - comment
The pain in the debt restructuring proposal will fall mainly on the SUNs, but everyone is being asked to pitch in. The SSNs will be exchanged for new SSNs at Ardagh Group and SSNs at a new HoldCo created to hold the AMP stake. The SUNS would get a preference equity participation in the AMP vehicle. Both SUNs and SSNs will be able to participate in a facility to provide liquidity to Ardagh Group and to repay the Apollo SSN. We are looking at the package as we would have expected a change of control at AMP to have been triggered. However, the involvement of "existing indirect shareholders of AGSA" (we expect Paul Coulson will be involved) may get around this clause. We will have an email out to you all with more details.