AMC Dips, APEs Rise As Special Master Supports Conversion-Plan Settlement

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AMC Dips, APEs Rise As Special Master Supports Conversion-Plan Settlement

Seeking Alpha2023-06-22

The special master appointed to weigh in on a proposed settlement -- allowing AMC Entertainment (NYSE:AMC) to move forward with a plan to convert preferred units and raise equity -- has issued a ...

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Pandaxiong
·2023-06-22
So anyone can explain to me if this move will dilute AMC shares further? Hahaha
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AMC&#39;s Preferred Equity units (APE) were up 8.8% postmarket.</p><p>Special master Corinne Elise Amato was appointed in Delaware&#39;s Court of Chancery to address a wide swath of objections to the proposed settlement, which marks the key legal milestone before AMC can proceed with a detailed plan: to convert APEs into common stock; implement a 1-for-10 reverse stock split; and issue shares to raise more funds.</p><p>That was a plan that AMC thought was on track in late April before the proposed settlement ran into a court roadblock tied to allowing proper timelines for stockholders to weigh in.</p><p>&#34;I recommend that the Court DENY the Objections to the Settlement as set forth herein,&#34; Amato concluded in her 150-page report.</p><p>Next steps: Exceptions to the special master&#39;s report and recommendations must be filed by Wednesday, June 28.</p><p>That&#39;s to be followed quickly by the two-day settlement hearing on June 29-30, after which the vice chancellor will issue a written opinion with the final word on the settlement.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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AMC's Preferred Equity units (APE) were up 8.8% postmarket.Special master Corinne Elise Amato was appointed in Delaware's Court of Chancery to address a wide swath of objections to the proposed settlement, which marks the key legal milestone before AMC can proceed with a detailed plan: to convert APEs into common stock; implement a 1-for-10 reverse stock split; and issue shares to raise more funds.That was a plan that AMC thought was on track in late April before the proposed settlement ran into a court roadblock tied to allowing proper timelines for stockholders to weigh in.\"I recommend that the Court DENY the Objections to the Settlement as set forth herein,\" Amato concluded in her 150-page report.Next steps: Exceptions to the special master's report and recommendations must be filed by Wednesday, June 28.That's to be followed quickly by the two-day settlement hearing on June 29-30, after which the vice chancellor will issue a written opinion with the final word on the settlement.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":15,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}