Firm News
Schulte Advises Birch Grove Capital on Merger with Ascribe Capital
July 1, 2021
Schulte advised Birch Grove Capital, a $2.4-billion alternative credit manager focused on corporate credit opportunities, on its merger with Ascribe Capital, American Securities LLC’s opportunistic credit business. The combined entity, AS Birch Grove, manages $5 billion in assets across an opportunistic hedge fund, private credit vehicles and par credit and collateralized loan obligation vehicles. In the near term, AS Birch Grove has over $1 billion in capital to invest in opportunistic credit situations across leveraged loans, high yield and convertible bonds, equity-linked securities, stressed and distressed investments and corporate structured credit.
The Schulte team advising Birch Grove was led by M&A and Securities partner Lawrence Natke and Investment Management partner David Nissenbaum. The team also included Investment Management special counsel Jill Guzzetti; Tax partner Philippe Benedict and associate Brandi Ripp; Investment Management Regulatory & Compliance partner Marc Elovitz and associate Tarik Shah; M&A and Securities special counsel Gregory Kinzelman; Finance & Derivatives partner Craig Stein; and former Schulte lawyers Ari Bressman and Lance Arberry.
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Alerts
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Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]