Ardagh Group - comment

Ardagh Group will want to clear the legal challenge by Arini and Canyon before finalising a deal with creditors. Currently, the only transaction under discussion is with the Senior Secured creditors, which would require the SUNs (a portion of which Arini and Canyon are beneficial holders). Without a resolution of this lawsuit, it is even more likely that management will cut out the SUNs from the negotiations, albeit this would damage Paul Coulson’s position unless he produces some of the new money (currently being provided by the Senior Secured group)