Event Publicly Available Information:
The Eligible Market Participant that raised the DC Question is raising the below as a General Interest Question under DC Rule 3.8(b) (Other Determinations Relating to the Overall Market) with the aim of maximising efficiency and ensuring the timely functioning of the market. The Eligible Market Participant notes that there are three Restructuring Credit Event questions now raised in respect of Ardagh Packaging Finance plc and that the EMEA DC is now considering these DC Questions together with the objective of providing the market with timely determinations in respect to each question. The Eligible Market Participant notes that a fourth potential Restructuring Credit Event DC Question has also been raised relating to Ardagh Packaging Finance plc. The Eligible Market Participant would request that the EMEA DC at the same time, again in the interest of providing the market with timely determinations, separately considers, if any of these three events were resolved to be a Restructuring Credit Event, whether each of the Senior Unsecured Notes issued by Ardagh Packaging Finance plc would be a Deliverable Obligation for settlement of the Credit Event? In connection with DC Rule 3.8(b), the Eligible Market Participant notes that if an External Review were to occur in respect of any of the questions, it would be in the interest of the market to combine all issues in debate at the same time.
| Date | Description | Document |
|---|---|---|
| Ongoing | See Meeting Statement of 19 November 2025 published on the page for Q1 (Issue number: 2025100602) | |
| 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 At this time, the EMEA DC has not withdrawn Q1 or Q2 and so the External Review process will continue in relation to Q1 and Q2.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. | |
| 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. | |
| 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. | |
| Ongoing | Procedural DC Decision on timing of first DC Meeting | |
| Request Accepted by DC | ||
| Pending DC Consent |