Ardagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the
Read MoreArdagh Group will want to clear the legal challenge by Arini and Canyon before finalising a deal with creditors. Currently, the only transaction under
Read MoreThe ending of discussions between the SUNs and Ardagh Group is bad news for the SUNs. Ardagh looks to have rejected the latest SUN's counterproposal and
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Glass operations are not what’s driving bond prices, and the maintained 2025 guidance doesn’t change much for creditors. AMP stock jumped
Read MoreThe SSNs are turning the screw over the crumbs being offered to the current shareholders at Ardagh Group (AG) in the restructuring. Inevitably, the equity
Read MoreAs tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.
The idea here is
Read MoreThe 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
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The pain in the debt restructuring proposal will fall mainly on the SUNs, but everyone is being asked to pitch in. The SSNs will be exchanged for new SSNs at Ardagh Group
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A year ago we were the most negative in the city on Ardagh’s prospects and yet, the FY results were even worse than that. Management now expects US volumes to be
Read MoreThe closure of the Dolton plant will not have a major impact on Ardagh’s business, but it does underline that the weakness in glass packaging in the US is
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Paul Coulson and Ardagh’s CFO have resigned from the board of to-be-restructured ARD Finance, the issuer of the
Read MoreThe appointment of two restructuring experts as non-execs reflects the imminent restructuring. We expect the sale of Trivium Packaging will
Read MoreSSN 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
Read MoreIf the Trivium sale is done via an auction, it will probably be a few weeks away. However, the disposal should happen by 25Q1 and will
Read MoreThe permanent closure of the Seattle wine bottle facility has a modest impact but reflects the weakness in that segment of the
Read MoreThe downgrade to Caa2 (Negative) at Moody’s reflects the looming debt restructuring at Ardagh Group. The agency acknowledges the
Read MoreThe €269m (2029 maturity) Apollo loan adds more senior debt ahead of the SUNs. The new loan repaid ABL drawings, but the ABL is still available. In the event of
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The numbers were worse than we expected as volumes in the US continue to fall and Europe/Africa only generates modest improvements. The H2 volume
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