Ardagh Group - comment

The appointment of advisors by a new cross-capital structure creditor group is a slight positive for SUN's holders. There will be investors long the credit across the capital structure, but it is a stretch that this new cross-holder group will be able to block the SSNs from driving the restructuring bus. Most of the creditor pain in the upcoming restructuring will be felt by the SUNs, and any ability to frustrate that plan will benefit the junior debt.