Ardagh Group - comment

The ARD Finance litigation in New York continues; PIK holders are seeking to prevent the Ch 15 filing of ARD Finance. PIK holders are being offered up to 7.5% of the Ardagh Group holding company, but they are seeking a larger share of the pie. Given the weakness of the PIKs' position in the capital structure, we expect the litigation will not reopen the Ardagh restructuring; however, Ardagh may cave and offer a few more pennies to the PIK Holders.

A report on Debtwire commented that the Judge in the ARD Finance Ch 15 hearing is reviewing documents, with the next hearing scheduled for February 3.