Insight and Intelligence on the London & International Insurance Markets

12 December 2017

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PatNat plans bankruptcy filing in sale to lenders

Ted Bunker 28 November 2017

Patriot National, the insurance services outsourcer majority owned by former CEO Steven Mariano, plans to seek Chapter 11 bankruptcy protection as part of a deal to be acquired by its secured lenders.

Under a reorganisation plan outlined today in a regulatory filing, all issued and outstanding equity interests in the company would be erased.

The plan would leave a lending unit of New York-based Cerberus Capital Management and another credit provider, TCW Asset Management, in control of PatNat.

The plan...


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