Citi opened a 30-day downside catalyst watch on theater chain AMC Entertainment (NYSE:AMC) as a court is likely to allow a settlement plan to convert preferred equity units (APE). Despite the call, AMC rose 3.6%, while APE ticked lower by 0.3%.
With a settlement approved, the value of AMC commo units and APE units should converge, Citi analyst Jason Bazinet, who has a sell…