Paul Coulson and Ardagh’s CFO have resigned from the board of to-be-restructured ARD Finance, the issuer of the

The appointment of two restructuring experts as non-execs reflects the imminent restructuring. We expect the sale of Trivium Packaging will

SSN holders have realised their interests do not align with SUN holders. We have been puzzled at the level of cooperation between debt classes, and now

If the Trivium sale is done via an auction, it will probably be a few weeks away. However, the disposal should happen by 25Q1 and will

The permanent closure of the Seattle wine bottle facility has a modest impact but reflects the weakness in that segment of the

The downgrade to Caa2 (Negative) at Moody’s reflects the looming debt restructuring at Ardagh Group. The agency acknowledges the

The €269m (2029 maturity) Apollo loan adds more senior debt ahead of the SUNs. The new loan repaid ABL drawings, but the ABL is still available. In the event of

Ardagh’s SUNs are up another couple of points on the news that a Trivium deal is close. We are very puzzled by the strength of the SUNs, which

Completing the sale of Trivium will provide Ardagh with the cash to fund the Amend & Extend operation piece of its

Ardagh has four production facilities in the UK, and the incoming (in 2025) recycling rules in the UK will hurt the competitiveness of glass unless

Stefan Schellinger was CFO at ContourGlobal when it was taken private by KKR in 2022. Reservoir Capital held 70% of ContourGlobal when KKR bough

The SUNs have fallen five points since May, positive news for our short, but more reflective of the pressures to execute a restructuring than new

The appointment of advisors by a new cross-capital structure creditor group is a slight positive for SUN's holders. There will be investors long

The US glass business is not rebounding as fast as hoped, and due to the state of the market, Ardagh is closing a

These layoffs do not fundamentally change the picture for Ardagh Glass (AG), but pressure from cheap imports continues to hurt sales in

The redemption notice for the April 2025 SSNs kicks off the restructuring of Ardagh Group’s (AG) cap stack. The Apollo loan will fund this first step. The next step is

The arguments made in Fitch’s downgrade echo our concerns. The capital structure is unsustainable and Ardagh continues to show weak

The ARGID SUNs are trading at around 50c/$. We remain short as we expect next week’s Q1 numbers will lead to further falls, and we expect

Ardagh Group shareholders are taking a gamble and using the shareholding value in Ardagh Metal Packaging (AMPBEV) as collateral for a loan from Apollo at the intermediate holdco outside either

The SSNs being downgraded to B- by S&P shouldn’t impact the pricing of the bonds much. The appointment of advisors by the company and creditors last

The appointment of advisors by the company and bondholders fires the starting gun on restructuring the Ardagh Group (ARGID) debt stack. The fact that the

Political momentum is growing in South Africa to minimise the impact of gas price rises and loss of domestic supply after 2026. Political action is