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Case Studies

Ardagh: From Stressed to Distressed (FLT-ARD)


Starting Date: CPD Accredited: No

Content
  • Introduction to Ardagh: From Stressed to Distressed
  • How Did We Get Here?
  • What Will We Learn Today?
  • The Road to Stress Began Years Ago
  • Tell Tale Signs of the Impending Disaster
  • SSN and SUN Performance
  • The LME Process Begins
  • HYB Covenant Capacity Analysis
  • The Unrestricted Subsidiary Dropdown
  • Organization Chart
  • Addressing the 2025 Bond Maturities
  • The "Double Dip"
  • Organization Chart
  • The Exchange
  • Implications Across the Capital Structure
  • Expectation vs Reality
  • Options for the 2026 Maturities
  • Valuation: The Multiple Approach and Sum of the Parts
  • Summary
  • Q&A: What Options are Available to Ardagh to Deal with the 2026 Maturities?
Completion rules
  • All units must be completed
  • Leads to a certificate with a duration: Forever
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