Ardagh Group - comment
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 process, but they would be crammed down. The additional cost of using a court process could prompt an improved offer for the PIKs to get to 90% support. Given how far out of the money the PIKs are, we cannot see many concessions being made. Ardagh will still aim to achieve over 90% PIK approval by the end of the early bird period by the close of business tomorrow.