Ardagh Packaging Finance PLC

Event Publicly Available Information:

The Eligible Market Participant who submitted the Potential DC Question has requested that the EMEA DC consider whether a Restructuring Credit Event has occurred with respect to the Reference Entity (including under Section 4.7(a) of the 2014 definitions)?

It submitted the following in support of its question:

Transaction Support Agreement
Aug 13 Press Release
Sept 29 Press Release
Oct 27 Press Release
Oct 28 Press Release
Nov 4 Press Release


External Review	The final External Review decision has been published on https://www.cdsdeterminationscommittees.org/cds/ardagh-packaging-finance-plc-3/.

DC Meetings Information	The EMEA DC held meetings on this DC Question on: 6 November 2025 10 November 2025 12 November 2025 13 November 2025 14 November 2025 17 November 2025 18 November 2025 21 November 2025 1 December 2025 2 December 2025 5 December 2025 8 December 2025 10 December 2025

Upcoming DC Meetings
This Event
- No meetings scheduled
All Meetings
- No upcoming meetings
Additional Information

Issue Number:

2025110501

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  12/15/2025 04:05am EST
- External Review
  
  DC Decision
  11/25/2025 07:45am EST
- External Review
  
  DC Decision
  See Meeting Statement of 21 November 2025 published on the page for Q1 (Issue number: 2025100602)
  11/21/2025 02:15pm EST
- External Review
  
  DC Decision
  See Meeting Statement of 19 November 2025 published on the page for Q1 (Issue number: 2025100602)
  11/19/2025 03:05pm EST
- External Review
  
  DC Decision
  See Meeting Statement of 19 November 2025 published on the page for Q1 (Issue number: 2025100602)
  11/19/2025 07:05am EST
- DC Deliberating
  
  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
- Ongoing
  
  Procedural DC Decision on timing of first DC Meeting
  11/06/2025 10:45am EST
- Request Accepted by DC
  
  11/05/2025 02:15pm EST
- Pending DC Consent
  
  11/05/2025 10:25am EST