Firm News
Schulte Advises Cerberus-Led Syndicate in Restructuring of American Achievement Corporation
March 2021
Schulte represented Cerberus Business Finance LLC, in its capacity as Administrative and Collateral Agent for a syndicate of lenders under a $350 million credit facility, in connection with the restructuring of American Achievement Corporation, the world's largest collegiate and high school commencement services company and an industry leader in digital product innovation. The restructuring and associated capital investment has given American Achievement Corporation a strengthened financial foundation to invest in its products, customers and the communities it serves. The deal also resulted in the appointment of a new board of directors and new chief executive officer.
The Schulte team advising Cerberus was led by business reorganization partner Adam Harris. The team also included business reorganization special counsel Peter Amend, associate Kelly (Bucky) Knight and law clerk Matthew Pinos; tax associate Joseph Reich; employment & employee benefits partner Ian Levin and special counsel Adam Gartner and Scott Gold; environmental special counsel Theodore Keyes; finance & derivatives partner Christopher Bell and special counsel Rami Kidouchim; intellectual property, sourcing & technology special counsel Scott Kareff; litigation partner Gayle Klein; real estate special counsel Amiel Mandel; former Schulte lawyers David Passey, Andrew Fadale, Christina Chaplygina, Avery Cummings, Nicolette Fata, Erik Hays, Jaclyn Malmed, Edward Sadtler, Samuel Schaffer and William Tevlin; and former Schulte law clerk Christina Welch.
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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]
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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]
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]