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
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
Read More
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
Read MoreArdagh’s SUNs are up another couple of points on the news that a Trivium deal is close. We are very puzzled by the strength of the SUNs, which
Read MoreCompleting the sale of Trivium will provide Ardagh with the cash to fund the Amend & Extend operation piece of its
Read MoreArdagh has four production facilities in the UK, and the incoming (in 2025) recycling rules in the UK will hurt the competitiveness of glass unless
Read MoreStefan Schellinger was CFO at ContourGlobal when it was taken private by KKR in 2022. Reservoir Capital held 70% of ContourGlobal when KKR bough
Read More
Revenue was in line with our forecast, but EBITDA was ahead due to mix and additional absorption of costs. European volumes were +5%, assisted by a
Read More
On the 24Q2 results call, management did not comment on the state of discussions around Ardagh Group's debt restructuring. However, the
Read MoreThe SUNs have fallen five points since May, positive news for our short, but more reflective of the pressures to execute a restructuring than new
Read MoreThe appointment of advisors by a new cross-capital structure creditor group is a slight positive for SUN's holders. There will be investors long
Read MoreThe US glass business is not rebounding as fast as hoped, and due to the state of the market, Ardagh is closing a
Read MoreThese layoffs do not fundamentally change the picture for Ardagh Glass (AG), but pressure from cheap imports continues to hurt sales in
Read MoreThe redemption notice for the April 2025 SSNs kicks off the restructuring of Ardagh Group’s (AG) cap stack. The Apollo loan will fund this first step. The next step is
Read MoreThe arguments made in Fitch’s downgrade echo our concerns. The capital structure is unsustainable and Ardagh continues to show weak
Read More
The ARGID SUNs are trading at around 50c/$. We remain short as we expect next week’s Q1 numbers will lead to further falls, and we expect
Read More