Funds Push Back on Arini in Battle Over Ardagh CDS Auction (1)

Tresidor Investment Management and Laurion Capital Management have weighed in on the legal battle over the settlement of Irish packaging firm Ardagh’s credit-default swaps, which has pitted buyers against sellers of the insurance-like default protection.

Tresidor said senior unsecured notes issued by Ardagh Packaging Finance should be included as deliverable obligations in an upcoming CDS auction, according to a submission published on Monday, disputing an earlierchallenge by Arini Capital Management. While the debt has been converted into equity as part of the restructuring, Tresidor said the terms had not been amended at the time the CDS were triggered. ...