Ardagh Group - comment
US glass operations are smaller but more profitable, and Europe/Africa is seeing low single-digit volume growth. There has been little by way of turnaround so far at Ardagh Glass, but with $750 million of cash and other liquidity projected for FYE 2025 and no substantial maturities before 2030, the company has time on its side. AG intends to deal with the PIK via a Scheme of Arrangement, but there are no details yet. The redemption of the €250m Preference Shares by AMP will net around $290m in cash for AG; management would not be drawn on how the proceeds will be used. We also expect that Trivium will be easier to sell now, AG, as a 42% holder is no longer going through a recapitalisation.