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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