Ardagh Group - comment
We expect the consent solicitations to succeed; even if the PIKs hold out, they will simply force a court process that will result in them being crammed down.
Ardagh already has >90% support in the SSNs and SUNs, so beating the 90% threshold should be a given.
If under 90% of PIK holders participate, Ardagh will initiate a court process. Support from the PIK holders for the restructuring is 82%, and the solicitation offers consenting PIK holders most of the pennies being allocated to this asset class. Support is not given, but it will make little difference.