January 31, 2018 / 7:17 PM / 6 months ago

BRIEF-Patriot National Initiates Restructuring Files Pre-Arranged Chapter 11

Jan 31 (Reuters) - Patriot National Inc:

* PATRIOT NATIONAL INITIATES RESTRUCTURING FILES PRE-ARRANGED CHAPTER 11

* SAYS INTENDS TO CONSUMMATE RESTRUCTURING AND EMERGE FROM BANKRUPTCY IN Q2 OF 2018​

* SAYS CO HAS ALSO FILED A PLAN OF REORGANIZATION CONSISTENT WITH RESTRUCTURING CONTEMPLATED BY RSA

* SAYS ‍EXISTING PATRIOT NATIONAL STOCK WILL BE CANCELLED AND COMPANY WILL EMERGE A PRIVATELY-HELD CONCERN​

* SAYS CERTAIN FUNDS RELATED TO CERBERUS BUSINESS FINANCE, TCW ASSET MANAGEMENT TO CONVERT PORTION OF CLAIMS UNDER FINANCING AGREEMENT

* SAYS CONVERSION OF CLAIMS BY FUNDS TO BE IN CONSIDERATION FOR 100% OF NEW EQUITY TO BE ISSUED IN PATRIOT NATIONAL AND UNITS Source text for Eikon: Further company coverage:

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