Lenders to Acquire Patriot National as Company Enters Chapter 11

Patriot National has entered into an agreement to be acquired by its lenders and is planning to file for Chapter 11 bankruptcy protection as part of a “comprehensive reorganization” of the foundering business. Under the agreement, lenders Cerberus Business Finance LLC and TCW Asset Management will provide Patriot with cash and financing to keep operations going during the company’s restructuring, according to a Patriot National filing with the Securities and Exchange Commission. And Patriot and its U.S.-based subsidiaries will file for Chapter 11 bankruptcy pr...