GlobeNewswire
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."
