On November 28, 2017, Patriot National, Inc. entered into a restructuring support agreement (RSA) with the lenders under its Financing Agreement with Cerberus Business Finance, LLC and certain funds and accounts managed by each of Cerberus Business Finance, LLC and its affiliates and TCW Asset Management Company LLC. The RSA contemplates that the Company and its direct and indirect U.S.-based subsidiaries will file voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware to implement the recapitalization in accordance with the RSA and the term sheet for a plan of reorganization. The Company expects that it will continue to operate its business in the ordinary course and the Chapter 11 filing is not expected to have a meaningful impact on the Company’s day-to-day operations. Read more on distressed companies.
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