Ardagh Group - comment
The Q3 Revenue/EBITDA numbers in the Ardagh trading statement are in line with our forecasts; volume growth was -1%. We estimate that cash at the group level was $380m, which is around $60m below our forecast. We expect that the shortfall is down to negative working capital moves. Ardagh Group will publish full accounts once the recapitalisation has been fully implemented, but given the requirement to follow a court process, completion could take two months or more.