New Delaware Chapter 11 Filing – RCS Capital Corporation

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RCS Capital Corporation (OTC: RCAP), a full-service investment firm focused on individual retail investors, and eleven affiliated debtors have filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (lead case no. 16-10223).  The cases have been assigned to the Honorable Mary F. Walrath.  The debtors have filed a pre-packaged plan of reorganization and are seeking authority to assume a restructuring support agreement and to treat the plan as their disclosure statement.  They are also seeking approval of $100 million in debtor-in-possession financing.  The petitions (including the consolidated list of top 30 creditors) and the dockets for the cases are available through Prime Clerk.

Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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