The delisting of the AMP warrants will not prevent trading. The warrants, which expire in August 2026, have a strike

Redeeming the $260m Preference shares (held by Ardagh Group) makes sense for AMP, as these shares were originally put in

The appointment of Mark Porto as Executive Chairman adds experience in working through a restructuring and is a positive. With Coulson exiting the business,

The Amicable Agreement announced by Ardagh does not mean they have reached an agreement that binds the PIKs yet. Unless an agreement is

By not reopening the consent solicitation with the PIK holders, Ardagh will be heading down the Scheme of Arrangement route. We expect the

The consent solicitation announcement indicates that Ardagh will need to complete its restructuring through a scheme of arrangement (SoA), unless

DB/Carronade are holdouts in the Ardagh restructuring with 13% of the PIKs. They have nuisance value as they can prevent Ardagh reaching

We expect the consent solicitations to succeed; even if the PIKs hold out, they will simply force a court process that will result in

Nothing substantial changed with the announcement yesterday. The PIKs are in a weak position and will be crammed down in a

Ardagh has over 75% support from the PIK holders and over 90% from the SSN and SUN holders. The PIK holders could force a court

Press reports have the PIK holders appointing White & Case to advise on accepting the restructuring plan put forward by the Ardagh Group. The Ardagh HoldCo PIKs are in a

Please find our unchanged analysis here.

The restructuring of Ardagh Group (AG) is finally nearing completion. It is largely as we expected at the beginning of the process, with the

The final bill to extract Coulson will be $300 million rather than $250 million originally reported, but the deal appears to be close to being

Coulson’s exit would pave the way for a consensual deal re-instating the SSNs, with the SUNs being converted to equity. This deal would be

Ardagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the

Ardagh Group will want to clear the legal challenge by Arini and Canyon before finalising a deal with creditors. Currently, the only transaction under

The 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

The 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