Ardagh - comment
The Amicable Agreement announced by Ardagh does not mean they have reached an agreement that binds the PIKs yet. Unless an agreement is reached with the PIK holdouts, Ardagh will need to implement an English Scheme of Arrangement (as promised in the recapitalisation proposal). The c80% of PIK holders who have consented are part of the Amicable Agreement, but Ardagh is still short of the 90%+ needed to bind non-consenting PIK holders.