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Bankruptcy court approves Patriot National's restructuring plan

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Bankruptcy court approves Patriot National's restructuring plan

A bankruptcy court has approved Patriot National Inc.'s plan of reorganization, which will result in the transition of ownership from its public shareholders to certain funds and accounts managed by Cerberus Business Finance LLC and its affiliates and TCW Asset Management Co. LLC.

Patriot National expects to emerge from Chapter 11 in the second quarter.

Hughes Hubbard & Reed LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal bankruptcy counsel, and Duff & Phelps Corp. is serving as financial adviser.