Patriot National Files for Chapter 11 as Step in Restructuring

Patriot National Inc., a provider of services to the insurance industry, filed for Chapter 11 bankruptcy on Tuesday as part of a previously announced restructuring plan. The company and its subsidiaries filed voluntary bankruptcy petitions in U.S. Bankruptcy Court for the District of Delaware. The company has also filed a plan of reorganization. Patriot National announced in November that it had entered into an agreement to be acquired by its lenders. Under the agreement, Cerberus Business Finance LLC and TCW Asset Management will provide Patriot with cash and financing to keep operati...