The delisting of the AMP warrants will not prevent trading. The warrants, which expire in August 2026, have a strike
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US glass operations are smaller but more profitable, and Europe/Africa is seeing low single-digit volume growth. There has been little by way of
Read MoreRedeeming the $260m Preference shares (held by Ardagh Group) makes sense for AMP, as these shares were originally put in
Read MoreThe appointment of Mark Porto as Executive Chairman adds experience in working through a restructuring and is a positive. With Coulson exiting the business,
Read MoreThe Amicable Agreement announced by Ardagh does not mean they have reached an agreement that binds the PIKs yet. Unless an agreement is
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The Q3 Revenue/EBITDA numbers in the Ardagh trading statement are in line with our forecasts; volume growth was -1%. We estimate that
Read MoreBy not reopening the consent solicitation with the PIK holders, Ardagh will be heading down the Scheme of Arrangement route. We expect the
Read MoreThe consent solicitation announcement indicates that Ardagh will need to complete its restructuring through a scheme of arrangement (SoA), unless
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There was no results announcement from Ardagh Group (Aengus) yesterday, likely due to the ongoing consent solicitation process. Meanwhile, AMP
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DB/Carronade are holdouts in the Ardagh restructuring with 13% of the PIKs. They have nuisance value as they can prevent Ardagh reaching
Read MoreWe expect the consent solicitations to succeed; even if the PIKs hold out, they will simply force a court process that will result in
Read MoreNothing substantial changed with the announcement yesterday. The PIKs are in a weak position and will be crammed down in a
Read MoreArdagh has over 75% support from the PIK holders and over 90% from the SSN and SUN holders. The PIK holders could force a court
Read MorePress reports have the PIK holders appointing White & Case to advise on accepting the restructuring plan put forward by the Ardagh Group. The Ardagh HoldCo PIKs are in a
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The final bill to extract Coulson will be $300 million rather than $250 million originally reported, but the deal appears to be close to being
Read MoreCoulson’s exit would pave the way for a consensual deal re-instating the SSNs, with the SUNs being converted to equity. This deal would be
Read MoreArdagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the
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