American Achievement Corporation Announces Dismissal of Involuntary Chapter 11 Petition

DALLAS, Feb. 4, 2021 /PRNewswire/ -- American Achievement Corporation®, (the "Company") the digital retailer and premier provider of school recognition products, announced today that the involuntary Chapter 11 petition filed by four of the Company's junior lenders against the Company and certain of its subsidiaries, on January 14, 2021, will be dismissed.

"We look forward to getting back to the business of running our business and helping our schools celebrate the most meaningful moments in their students' lives, this year more than ever," said Bob Myers, American Achievement Corporation's Chief Executive Officer. "While COVID has adversely affected the commencement, graduation, and yearbook business, AAC continued to be profitable and has successfully pivoted and adjusted to operating in the pandemic. We appreciate the parties working together to find a solution that is beneficial to the business and all of its constituents."

AAC will continue to operate in the normal course of business just as before.  The Company is thrilled that the lenders were able to resolve their differences.

About American AchievementAmerican Achievement Corporation is the world's largest Collegiate and High School commencement services company leading the industry in digital product innovation by helping students and their families celebrate life's most important achievements with a suite of digital commencement services & innovations. The School's personalized, customized products and services are available through digital technology, personal in-school deliveries and customized school assortments on Balfour.com, the destination for Graduation products.

MEDIA CONTACTS:

Amanda ReynoldsDirector, Corporate Communications amanda.reynolds@balfour.com

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SOURCE American Achievement Corporation