Insight and Intelligence on the London & International Insurance Markets 22 Jan 2018
PatNat plans bankruptcy filing in sale to lenders
- 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.
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