Shares of movie-theater chain AMC Entertainment Holdings Inc.
AMC,
tumbled 27% after hours on Friday after a court approved a revised but still-controversial stock-conversion plan intended to shore up the company’s finances, Bloomberg reported on Friday. The move by Delaware Chancery Court Judge Morgan Zurn comes after that court last month rejected an earlier version of the settlement cleared on Friday. AMC has wanted to turn its AMC preferred equity units — or APEs — into common stock, as it seeks ways to sell more shares in order to raise money and stave off any further financial distress. But many retail shareholders objected, amid concerns about dilution.
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