The judge in a case brought by meme stock shareholders against AMC Entertainment declined to approve a settlement unveiled earlier this week that would have allowed the exhibitor to move ahead with…
declined to approve a settlement unveiled earlier this week that would have allowed the exhibitor to move ahead with plans to convert its AMC Preferred Equity units to common stock, among other measures.
and to request that the status quo order in the litigation be lifted. The settlement, as per usual, required the approval of the judge in the Delaware Chancery Court Case.“The Court denied the motion to lift the Status Quo Order.
An overwhelming majority of AMC shareholders voted for the measures at a special meeting last month. The proposed conversion, reverse stock split and stock authoritization are importatant for the company to be able to de-lever its balance sheet and maintain an viable financial position if the box office recovery falters.
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