Ardagh - comment

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 Debtwire has reported that PWP will only be advising SSN holders. The sale of Trivium is imminent, and Ardagh Group will have the cash to fund an A&E. It is in the company's interest to try and separate the secured and unsecured creditors. Our analysis has value breaking in the SUNs with the SSNs covered, so the brunt of the losses will be at the SUNs level, where we continue to be short for 4.5% of NAV.