Deals
RCS Capital Files Bankruptcy Citing $1.39 Billion in Debts
- Firm's board is one of many Nicholas Schorsch quit in 2014
- Company said it will borrow $150 million for restructuring
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RCS Capital Corp., the investor-services firm that once counted real estate investor Nicholas Schorsch as a director, filed for bankruptcy protection in Delaware Sunday listing $1.39 billion in debts.
The New York-based company, with $1.97 billion in assets, earlier this month announced plans to use the Chapter 11 process to reorganize its finances and dump more than $500 million in debt and preferred stock.