Patriot National, a provider of technology services to the insurance industry, appears to be in a tailspin now that delinquency proceedings have been initiated against its largest customer, Guarantee Insurance Co.
In a filing with the Securities and Exchange Commission on Wednesday, Patriot National said it has defaulted on a credit agreement with Cerberus Business Finance. Patriot also reported that it has laid off about 250 workers, roughly one-third of its workforce.
And the company is facing the loss of most of its revenue due to the proceedings against Guarantee Insurance Co., Gex R...
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