RCAP Replaces CFO Jones, Names Chief Restructuring Officer David Orlofsky as Interim CFO
RCS Capital Corporation appointed David Orlofsky to serve as the interim chief financial officer to guide the company through its current restructuring process. He replaces Brian Jones, who signed a letter of agreement with the company in December which provides for payment of $850,000 upon his being terminated from the company without cause.
Orlofsky is a senior managing director and a member of the executive management team at Zolfo Cooper, an independent financial advisory and interim management firm, where he has worked since January 1999.
He has provided both interim management and advisory services to clients in a variety of restructuring matters and has been involved in a wide range of situations and roles on behalf of companies, equity sponsors, lenders and official committees.
As reported by The DI Wire, RCS Capital filed for Chapter 11 bankruptcy last week as part of its previously announced strategy to transform brokerage firm Cetera Financial into a private retail business. The process is expected to conclude in May 2016. According to the bankruptcy filing, the company listed assets of $1.98 billion and debts of $1.39 billion.
RCS Capital Corporation has paid Zolfo Cooper approximately $1.6 million from November 23, 2015 through the filing of the bankruptcy petitions.
