This weekend’s move comes after some unsecured creditors of RCS Capital balked at the company’s restructuring plan earlier this month.
Cetera will continue to be led by CEO Larry Roth.
“This will truly be a fresh start for Cetera that will include significant additional capital for us to continue investing in industry-leading tools and resources for the financial advisors and financial institutions we support,” said Roth in a statement. “We're grateful to our advisors and institutions, who have remained extremely loyal throughout this process, which validates the strong value proposition of Cetera. We are all committed to the future of Cetera, and we know that the best is yet to come for our organization."