Patriot National Receives Court Approval for Reorganization Plan
FORT LAUDERDALE, Fla., May 8, 2018 /PRNewswire/ -- Patriot National, Inc. ("Patriot National" or the "Company"), a leading provider of technology and outsourcing solutions to the insurance industry, announced today that on May 4, 2018 the Bankruptcy Court approved the Company's plan of reorganization, which will result in the transition of ownership from its public shareholders to certain funds and accounts managed by each of Cerberus Business Finance, LLC and its affiliates ("Cerberus") and TCW Asset Management Company LLC ("TCW"). Patriot National expects to emerge from Chapter 11 in the second quarter of 2018.
"The approval of our reorganization plan is a key milestone in completing the Chapter 11 process, and I would like to thank our dedicated employees and loyal base of carriers and agents who helped to ensure the success of our business during this period," said John Rearer, CEO of Patriot National. "The plan provides our Company with a significantly healthier capital structure that will enable us to be agile and competitive in the current market. Cerberus and TCW are fully invested in the future of our business, and we look forward to working together to emerge from this process as a stronger company."
Court filings and other information related to the restructuring are available at http://cases.primeclerk.com/patnat or by calling 855-631-5360 (toll-free) or +1 347-897-3454 (international).
Hughes Hubbard & Reed LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal bankruptcy counsel, and Duff & Phelps Corporation is serving as financial advisor.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, and self-funded health plans to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.
Media Contact
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SOURCE Patriot National, Inc.
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