Patriot National
The firm was co-counsel to Patriot National and its related affiliates in their chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for the District of Delaware. The company provides agency, underwriting, and policyholder outsourcing and technology services to their insurance carrier clients, primarily in the workers’ compensation sector. After Florida regulators obtained control of Guaranteed Insurance Co., Patriot’s largest workers’ compensation customer, the company filed a forbearance agreement with the SEC that announced it would lay off one third of its employees. Through the case, the firm helped provide a new, healthy capital structure for the company that allows all affected parties—employees, brokers, carriers, and vendors—to continue receiving uninterrupted service and payment. After the company’s restructuring plan was approved in May 2018, it emerged from chapter 11 in July 2018; ownership of the company has transitioned from public shareholders to Cerberus Business Finance and its affiliates and TCW Asset Management Company.
