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Insurance Services Firm Patriot National Hits Ch. 11

Law360, Wilmington (January 31, 2018, 7:37 PM EST) -- Insurance services company Patriot National Inc. on Tuesday filed for Chapter 11 protection in Delaware, blaming its financial woes on the loss of its biggest customer to receivership in Florida, with a strategy in hand to rework its balance sheet through a debt-for-equity swap with its lenders.

In a first-day declaration, Chief Restructuring Officer James S. Felton said that Patriot National sustained a severe economic blow when Guarantee Insurance Co., which accounted for about 55 percent of the debtor’s revenue and was once part of the...
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