Ardagh - comment
Ardagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the simplest solution for creditors. SSNs would see an uplift in coupons, which would be fully reinstated. For the SUNs, they would get control of the equity. Getting Coulson to accept $250m to walk away from his life’s work will not be easy, but without a consensual agreement, he is likely to lose everything. As always with Ardagh, further twists are possible, but it feels like we are entering the end game.