Ardagh - comment

DB/Carronade are holdouts in the Ardagh restructuring with 13% of the PIKs. They have nuisance value as they can prevent Ardagh reaching 90% support, and force a court based process, causing delay and cost.  Nevertheless, because the PIKs are so far out of the money, they would almost certainly be crammed down in court. We estimate the offer to the PIKs at about $50m (4c/$), primarily in an illiquid instrument. To address this, Ardagh could consider an element of cash in the offer to improve acceptance likelihood. Despite this, the PIK tail cannot dictate the overall outcome. While the holdouts might have leverage, we remain sceptical.

https://www.ft.com/content/1c1e75b2-513d-498e-ab00-d4de1474dbfc