With the New Year, the management of RCS Capital (RCAP)--the beleaguered parent company of the Cetera Financial Group of independent broker-dealers--is trying to turn a page on the company’s troubles.
It did so with a bang late-Monday, announcing plans for a Chapter 11 bankruptcy filing, the injection of some $150 million from key stakeholders, as well as debt and capital restructuring plans that should allow Cetera to become an independent, privately held firm.
Shares of RCS Capital did not trade on the first trading day of 2016. They closed trading at roughly $0.30 on Dec. 31, significantly off its 2015 high of nearly $13.30.
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Janet Levaux
Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.
