FORT LAUDERDALE, Fla., July 02, 2018 (GLOBE NEWSWIRE) -- Patriot National, Inc. ("Patriot National" or the "Company"), a leading provider of technology and outsourcing solutions to the insurance industry, announced that it has emerged from Chapter 11 as anticipated in its plan of reorganization. In addition, ownership of the Company has transitioned from its public shareholders to certain funds and accounts managed by each of Cerberus Business Finance, LLC and its affiliates ("Cerberus") and TCW Asset Management Company LLC ("TCW"). John Rearer will continue as CEO of the Company, and it will remain headquartered in Fort Lauderdale, FL.
"We are pleased to have delivered on the successful implementation of our reorganization plan, and I would like to thank our dedicated employees and loyal base of carriers and agents who helped to ensure the success of our business during this period," said John Rearer, CEO of Patriot National. "With a healthier capital structure and fully invested new ownership, our company is well-positioned to be competitive in the current market. We look forward to continuing our work with Cerberus and TCW to further grow the business for the benefit of all our stakeholders."
Court filings and other information related to the restructuring are available at http://cases.primeclerk.com/patnat or by calling 855-631-5360 (toll-free) or +1 347-897-3454 (international).
Hughes Hubbard & Reed LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal bankruptcy counsel, and Duff & Phelps Corporation is serving as financial advisor.
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