AMC's Stock Conversion Battle Reaches Endgame in Delaware Court

AMC Entertainment Holdings Inc.'s stock fell while its AMC Preferred Equity units (APEs) rose as the company's battle to convert APEs into common stock reached the Delaware Chancery Court. AMC shareholders previously voted in favor of the stock conversion proposal, which is part of the company's efforts to eliminate debt. A settlement agreement has been reached, pending approval from a chancery judge. The largest investor in the APEs, Antara Capital LP, has reduced its stake to below 10%.