Ardagh - comment

The litigants have around 7% of the nominal value of the SUNs, which on their own is not enough to block the current proposals. Increasing the potential value of the SUNs (currently 47c/$) could be a lucrative trade if the litigation was successful, but we are sceptical. The ARGID CDS is currently at 3400bp. We estimate the stake in AMP is worth c$450bn to Ardagh shareholders ($1bn less the proposed $550m SSN). Any transaction would need to be structured to avoid a change of control at AMP, which gives Coulson some leverage. We will continue to look into the possible implications.

https://www.irishexaminer.com/business/companies/arid-41595934.html