External Review
EMEA DC Meeting Statement 14 November 2025
The EMEA DC met on 12, 13 and 14 November 2025 to discuss the External Review process in respect of Ardagh Packaging Finance PLC.
The EMEA DC is aware of the announcements published by the Ardagh group on 12 November 2025. The EMEA DC notes that these announcements provide further detail as to the manner in which the recapitalisation transaction was completed.
Given these announcements, the EMEA DC Resolved to withdraw Q3, Q4 and Q5 (DC Issues 2025102901, 2025110501 and 2025110102) from External Review for further consideration by the EMEA DC in accordance with DC Rule 4.6(a).
The EMEA DC is meeting again on 17 November 2025 to continue discussions. At this time, the EMEA DC has not withdrawn Q1 or Q2 and so the External Review process will continue in relation to Q1 and Q2. Details of the timeline, including the Submission Deadline, will be published in due course.
DC Decision
11/14/2025 10:45am EST
External Review
EMEA DC Meeting Statement 10 November 2025
The EMEA DC met on 10 November 2025 to discuss the next steps for the External Review process in relation to Ardagh Packaging Finance PLC (Issue numbers 2025100602, 2025102701, 2025102901, 2025110501 and 2025110502) and agreed to meet again on 12 November 2025 to continue its discussions.
11/10/2025 10:55am EST
External Review
EMEA DC Meeting Statement – 7 November 2025
The EMEA DC held a binding vote on the DC Issues for Q1-4 and did not reach a Supermajority on any DC Issue. As such, each DC Question has been referred to External Review. For reasons of efficiency, the EMEA DC also Resolved to send Q5 (2025110502) to External Review so that all matters could be considered and resolved in one process in as timely a manner as possible.
Further updates will be provided in due course.
DC Decision
11/07/2025 03:45am EST
DC Deliberating
EMEA DC Meeting Statement 5 November 2025
The EMEA DC met on 5 November 2025 to discuss the DC Questions in relation to Ardagh Packaging Finance PLC (Issue numbers 2025100602, 2025102701 and 20252901) and agreed to meet again on 6 November 2025 to continue its discussions.
11/05/2025 10:35am EST
DC Deliberating
EMEA DC Meeting Statement 5 November 2025
The EMEA DC met on 4 November 2025 to further discuss how best to address each of the current DC Questions relating to Ardagh Packaging Finance PLC in as efficient a manner as possible.
The Majority of the EMEA DC has Resolved to withdraw the first DC Question (Q1) (Issue number: 2025100602) from External Review in order to permit deliberation of the question together with Q2 (Issue number: 2025102701) and Q3 (Issue number: 2025102901) and, if necessary, a single External Review process for all three DC Questions relating to whether a Restructuring Credit Event has occurred in respect of Ardagh Packaging Finance PLC. After further consideration of the matters set out in the EMEA DC Statement of 31 October 2025 and with the objective of providing the market with timely determinations, the Majority of the EMEA DC concluded that whilst the additional information submitted with Q2 and Q3 relates to facts that occurred after Q1 was raised, the purpose of the withdrawal power in DC Rule 4.6(a) is to ensure that the EMEA DC and the External Review Panel have the ability to consider all of the facts relating to a Reviewable Question and the additional information is relevant to the manner and most efficient process for resolution of the DC Question (also applying the spirit of DC Rule 4.3(d) which refers to the grouping of multiple Reviewable Questions for purposes of efficiency); and more broadly to the overall substantive resolution of the relevant DC Question – being whether a Restructuring Credit Event occurred in respect of Ardagh Packaging Finance PLC, and if so, when. The remaining Members of the EMEA DC did not vote in favour of withdrawing the question for the reasons previously set out in the EMEA DC Meeting Statement of 31 October 2025, including, inter alia, that "the withdrawal power was not presently applicable to Q1".
The EMEA DC will provide a further update in due course on its deliberations of each of DC Questions 1-3 following the withdrawal noted above. The EMEA DC is meeting again on 5 November 2025 to continue discussions.
DC Decision
11/05/2025 05:10am EST
External Review
EMEA DC Meeting Statement 4 November 2025
Since the EMEA DC held a binding vote on DC Issue 2025100602 and triggered the External Review process, the EMEA DC has been engaging with potential External Review Panel members to appoint them to the panel, such that the External Review can be resolved in a timely manner. The EMEA DC is now able to appoint the External Review Panel. Following such appointment, the referral to the External Review Panel is now effective for the purposes of Section 4 of the DC Rules.
ISDA Members (as defined in the DC Rules) may submit Written Materials in support of either the “Yes” or “No” positions to External Reviewers via the DC Secretary. The deadline for submission of Written Materials is Tuesday 11 November 2025
Further details of the External Review process, including the timetable, will be published in due course.
DC Decision
DC Secretary’s contact details
11/04/2025 09:50am EST
External Review
EMEA DC Meeting Statement – 31 October 2025
The EMEA DC met on 30 October 2025 to discuss the External Review in respect of Ardagh Packaging Finance PLC, following the Restructuring Credit Event DC Question raised on 7 October 2025 (Issue number: 2025100602) (Q1 ). The EMEA DC has previously held a binding vote on Q1 and did not Resolve it by Supermajority, thus triggering the External Review process in respect of Q1.
Two further Restructuring Credit Event DC Questions have since been raised in relation to the Reference Entity, on 27 October 2025 (Issue number: 2025102701) (Q2 ) and 29 October 2025 (Issue number: 2025102901) (Q3 ). Each of Q2 and Q3 has been accepted by the EMEA DC for deliberation in accordance with DC Rule 2.2.
Pursuant to DC Rule 2.4(d) the Convened DC may not commence deliberations in respect of a DC Question until a separate but related DC Question completes External Review. The EMEA DC considered this DC Rule and concluded that Q1 was a related DC Question in respect of each of Q2 and Q3 for the purposes of DC Rule 2.4(d). The EMEA DC reached this conclusion because each of the DC Questions Q2 and Q3 relates to whether or not related events have triggered a Restructuring Credit Event in respect of the same Reference Entity as Q1.
Therefore, the EMEA DC noted that in order for the EMEA DC to commence deliberations on Q2 and Q3, it would require that the EMEA DC either dismiss Q1 or withdraw Q1 from External Review. The EMEA DC did not consider it would be appropriate to dismiss Q1 at this time.
In relation to the power under DC Rule 4.6(a) to withdraw Q1 from the External Review process, the EMEA DC noted that this would apply where new information exists that is relevant to the resolution of Q1 and such information was not available to the EMEA DC on or prior to the binding vote for Q1. In its deliberations on Q1, the EMEA DC considered the factual matrix which applied as of the time the DC Question was raised. Whilst the EMEA DC noted that additional announcements had been made by the Reference Entity prompting Q2 and Q3, the EMEA DC concluded that these announcements related to underlying facts which occurred only after the point in time as of which Q1 would be determined as of and therefore the announcements did not constitute new information relevant to the resolution of Q1. Accordingly, on the basis of DC Rule 4.6(a), the EMEA DC considered that the withdrawal power was not presently applicable to Q1.
The EMEA DC noted that in due course each of Q2 and Q3 would similarly be considered by the EMEA DC by reference to the factual matrix which applied as of the time the relevant DC Question was raised, taking into account the information pertaining to such factual matrix that is available to the EMEA DC at the time of the relevant binding vote. Deliberations in respect of Q2 and Q3 will only commence once the restrictions in DC Rule 2.4(d) are no longer applicable. The EMEA DC will provide a further update on the relevant pages of the DC website once the EMEA DC commences deliberations in respect of Q2 and Q3.
The EMEA DC notes that timely resolution of DC Questions is important and is working to complete the External Review process in respect of Q1 as soon as practicable.
DC Decision
10/31/2025 06:35am EDT
External Review
EMEA DC Meeting Statement - 28 October 2025
The EMEA DC met on 28 October 2025 to continue discussions as to the External Review in respect of Ardagh Packaging Finance PLC. The EMEA DC intends to appoint the External Review Panel as soon as practicable and is aiming to do so in the course of the week commencing 3 November 2025.
10/28/2025 11:15am EDT
External Review
EMEA DC Meeting Statement - 24 October 2025
The EMEA DC met on 24 October 2025 to continue discussions as to the External Review in respect of Ardagh Packaging Finance PLC, and in particular in relation to the appointment of the External Review Panel.
The EMEA DC agreed to meet again on 28 October 2025 to continue its deliberations.
10/24/2025 10:20am EDT
External Review
EMEA DC Meeting Statement – 23 October 2025
The EMEA DC met on 22 October 2025 to commence discussions as to the External Review in respect of Ardagh Packaging Finance PLC.
While the EMEA DC does not intend to publish a detailed meeting statement following the DC Decision dated 21 October 2025, please note that written briefs will be published on the DC website in due course in connection with the External Review process.
The Reviewable Question is “Has a Restructuring Credit Event occurred with respect to Ardagh Packaging Finance PLC?”. The potential answers are “Yes” and “No”. The timetable for the External Review will be published in due course following the appointment of the External Review Panel. Note that in accordance with the DC Rules, the timetable can be varied by the EMEA DC as necessary. The Submission Deadline will be published in due course.
The EMEA DC is currently contacting potential External Review Panel members and will reconvene in due course.
DC Decision
10/23/2025 10:20am EDT
External Review
DC Decision
The EMEA DC held a binding vote on the Restructuring Credit Event DC Question. As there was no Supermajority, the External Review process in Section 4 of the DC Rules is triggered in respect of the Restructuring DC Question. The EMEA DC will meet again tomorrow to discuss next steps on the External Review.
10/21/2025 09:00am EDT
Ongoing
DC Decision
10/20/2025 10:00am EDT
Ongoing
EMEA DC Meeting Statement 16 October 2025
The EMEA DC met on 16 October 2025 to discuss the DC Question in relation to Ardagh Packaging Finance PLC.
The EMEA DC agreed to meet again on 20 October 2025 to continue its deliberations.
10/16/2025 11:00am EDT
Ongoing
EMEA DC Meeting Statement 14 October 2025
The EMEA DC met on 14 October 2025 to discuss the DC Question in relation to Ardagh Packaging Finance PLC.
The EMEA DC agreed to meet again on 16 October 2025 to continue its deliberations.
DC Decision
10/14/2025 04:10pm EDT
Ongoing
DC Decision
10/13/2025 02:40pm EDT
Ongoing
EMEA DC Meeting Statement 10 October 2025
The EMEA DC met on 10 October 2025 to discuss the DC Question in relation to Ardagh Packaging Finance PLC.
The EMEA DC agreed to meet again on 14 October 2025 to continue its deliberations. [Note: updated from 13 October for the US public holiday ]
10/10/2025 03:40pm EDT
Ongoing
EMEA DC Meeting Statement 8 October 2025
The EMEA DC met on 8 October 2025 to commence its deliberations in relation to Ardagh Packaging Finance PLC.
The EMEA DC agreed to meet again on 10 October 2025 to continue its deliberations.
10/08/2025 10:30am EDT
Request Accepted by DC
10/07/2025 10:40am EDT
Pending DC Consent
10/07/2025 04:20am EDT
