Ardagh Group - Swings and Roundabouts - Positioning

Ardagh is on the cusp of announcing its restructuring, so we revisit our position in the SUNs. We calculate fair value for the SUNs and assess how the payments to Ardagh Group shareholders could impact this estimate. We then delve into the components of the eventual recovery for SUN's holders, how these valuations may change, and what the immediate pricing impact of the restructuring will be.