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Feb

03

UPDATE 2-Brokerage RCS Capital bankruptcy to take Cetera private

By Tony Seruga

(Rewrites throughout with details from court filings)

Feb 1 (Reuters) – Brokerage firm RCS Capital Corp filed for Chapter 11 bankruptcy protection as part of a prearranged plan to restructure debt and give lenders control of its profitable Cetera investment advisory arm and take it private.

RCS Capital, founded by real-estate investor Nicholas Schorsch, ran into debt trouble after a string of costly acquisitions and deteriorating market conditions. An accounting scandal at a separate business run by Schorsch also dented investor sentiment…

UPDATE 2-Brokerage RCS Capital bankruptcy to take Cetera private

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