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Patriot National exits bankruptcy protection with new owners

Florida-based Patriot National Inc. has emerged from Chapter 11 bankruptcy protection with a new ownership structure.

The company, which was previously publicly owned, is now owned by funds and accounts managed by Cerberus Business Finance LLC and TCW Asset Management Co. LLC.

Patriot National announced in May that it expected to emerge from bankruptcy protection in the second quarter after a court approved its reorganization plan.

John Rearer will continue as CEO, and the company will remain headquartered in Fort Lauderdale.