This website uses cookies. By using this website, you agree to our Cookie Policy.
December 09, 2025
Cadwalader special counsel Assia Damianova was featured in LCD News discussing the implications of Ardagh Group’s recent recapitalization for the European credit default swaps (CDS) market.
Assia explained that Ardagh’s restructuring, which converted approximately $4.3 billion of debt into equity, is unusual because it leaves no deliverable assets for the CDS auction process. As a result, protection buyers are unlikely to receive any payout. She noted that this outcome underscores growing concerns about the effectiveness of CDS protections amid Europe’s wave of out-of-court restructurings.
Assia added that these restructurings are increasingly exposing the limitations of CDS instruments: “In Europe, out-of-court restructuring situations have shown a broader reach than the technical protections offered by CDS.”
Read the full article here.
Home |
About |
Practice |
News |
Resources |
Offices |
Careers |
Contact |
Site Map
Notices |
Security Overview |
Employees |
Attorney Advertising |
Manage your Preferences
Cadwalader, Wickersham & Taft LLP 
New York
London
Charlotte
Washington
Dublin
