Ardagh Group - comment

By not reopening the consent solicitation with the PIK holders, Ardagh will be heading down the Scheme of Arrangement route. We expect the PIKs to be crammed down, but any court process introduces some risk. The cost in time and money of going down the court route is manageable, but another pain for the company and the rest of the creditors. 

https://ir.ardaghgroup.com/news-events/press-releases/detail/248/announcement-of-consent-solicitation-results-and-partial-re-opening-of-consent-solicitations