Cloud 9fin

The Ardagh LME origin story


Listen Later

Was Ardagh's carve-out of its metal packaging business in 2021 an early example of a European LME before LMEs went global? Call it what you will, the troubled packaging conglomerate is getting a taste of both the potential upside and the backlash caused by these controversial financial maneuvers.


In this episode, 9fin's global head of restructuring, Max Frumes, sat down with European senior distressed credit analyst Emmet McNally to discuss some of the events that led us here. Events so far have culminated in the company cleansing creditors party to restructuring negotiations that failed to reach common ground.


Unsecured creditors Arini and Canyon have sued the company for alleged value extraction and fraudulent conveyance dating back to the metal carve-out. Emmet and Max talk us through the headline terms of the proposals put forward by the company and the unsecured bondholder group, and discuss how bid-ask spreads between the two proposals could be narrowed to reach a mutually agreeable deal.


Want to share feedback on this episode? Send us a note at [email protected].

...more
View all episodesView all episodes
Download on the App Store

Cloud 9finBy 9fin

  • 5
  • 5
  • 5
  • 5
  • 5

5

10 ratings


More shows like Cloud 9fin

View all
Masters in Business by Bloomberg

Masters in Business

2,183 Listeners

Goldman Sachs Exchanges by Goldman Sachs

Goldman Sachs Exchanges

986 Listeners

Odd Lots by Bloomberg

Odd Lots

1,768 Listeners

Capital Allocators – Inside the Institutional Investment Industry by Ted Seides – Allocator and Asset Management Expert

Capital Allocators – Inside the Institutional Investment Industry

815 Listeners

Making Sense by J.P. Morgan

Making Sense

58 Listeners

Thoughts on the Market by Morgan Stanley

Thoughts on the Market

1,283 Listeners

Dry Powder: The Private Equity Podcast by Hugh MacArthur, Bain & Company

Dry Powder: The Private Equity Podcast

139 Listeners

At Any Rate by J.P. Morgan Global Research

At Any Rate

76 Listeners

FICC Focus by Bloomberg Intelligence

FICC Focus

30 Listeners

The View From Apollo by Torsten Slok

The View From Apollo

25 Listeners

Private Equity Deals with Capital Allocators by Ted Seides – Allocator and Asset Management Expert

Private Equity Deals with Capital Allocators

51 Listeners

The Credit Edge by Bloomberg Intelligence by Bloomberg

The Credit Edge by Bloomberg Intelligence

23 Listeners

The Insight by Oaktree Capital by Oaktree Capital

The Insight by Oaktree Capital

19 Listeners

Goldman Sachs The Markets by Goldman Sachs

Goldman Sachs The Markets

75 Listeners

Bloomberg Talks by Bloomberg

Bloomberg Talks

14 Listeners