Judge Approves Reorganization Plan for Troubled Patriot National

The story of troubled insurance and claims-management company Patriot National Inc., and its high-flying CEO, took another twist this week when a bankruptcy judge approved a Chapter 11 reorganization plan. The plan clears the way for the Fort Lauderdale-based company, which until last fall was a sister company to a failed workers' compensation carrier, to be acquired by a well-known private-equity firm and an asset-management firm that have loaned Patriot hundreds of millions of dollars over the last two years. Cerberus Business Finance and TCW Asset Management Co. will now take...