New Delaware Chapter 11 Filing – Cetera Financial Group, Inc., et al.
On March 26, 2016, Cetera Financial Group, Inc. and eighteen affiliated debtors (the “Cetera Debtors”) filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Cetera Debtors are direct and indirect subsidiaries of RCS Capital Corporation (“RCS”), which is the lead debtor in cases filed before the Bankruptcy Court on January 31, 2016. The Cetera Debtors are seeking to have their cases jointly administered with those of RCS and its affiliates under Lead Case Number 16-10223 (MFW). Prior to filing their petitions, the Cetera Debtors solicited acceptance of a prepackaged plan of reorganization which, according to the Cetera Debtors, has been accepted by those entitled to vote on the plan. The debtors state that, under the plan, general unsecured claims will be paid in full or reinstated. The voluntary petition for Cetera Financial Group, Inc. (which includes the consolidated list of top 20 creditors), the first day declaration, a proposed disclosure statement and the various first day motions filed by the Cetera Debtors are available through Prime Clerk.
Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.
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