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RCS Capital Corporation filed Chapter 11 in Delaware on January 31, 2016, opening a prearranged restructuring centered on its Independent Retail Advice business rather than a broad operating wind-down source filing. David Orlofsky said the platform was the second-largest independent financial advisor network in the U.S., with about 9,100 financial advisors, 2.5 million retail investor clients, and roughly $220 billion of assets under administration. The debtors entered with approximately $873.6 million of funded debt, including $709.2 million of senior secured debt and $164.4 million of unsecured debt source filing.
The proposed restructuring paired a $150 million liquidity injection with more than $500 million of debt and preferred-stock reduction, including over $200 million of secured debt, and targeted annual cash-interest savings from about $65 million to $22 million. Cetera's holding-company debtors joined the case on March 26 under the same January 29 restructuring support agreement, bringing 19 additional debtors into a phased prepackaged process while keeping regulated broker-dealer operations focused on continuity source filing.
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