AMC Entertainment Holdings has settled a shareholder lawsuit over its plans to convert the move theater chain's 'APE' preferred equity units into shares of common stock.
The preferred shares have lost over 70% since they were issued in August as part of a plan to pay down the company's debt.
AMC said that, as part of the settlement, it has agreed to pay the plaintiffs one share for every 7.5 shares they own. In a separate press release, plaintiffs’ lawyers said they expected the shares paid to their clients to be worth over $100 million. The reverse stock split, the conversion and the settlement payment are subject to court approval, which has not been given. AMC will provide an update with respect to the expected timetable for these events as additional information becomes available.
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