Reuters logo
BRIEF-Patriot National cuts 250 jobs - SEC filing
November 22, 2017 / 4:00 PM / 24 days ago

BRIEF-Patriot National cuts 250 jobs - SEC filing

Nov 22 (Reuters) - Patriot National Inc:

* On Nov 17, co entered into forbearance agreement with lenders party to that certain financing agreement, dated as of Nov 9, 2016‍​

* Says currently in default of credit agreement due to its failure to deliver timely financial statements, among others - SEC filing

* Says forbearance agreement contemplates that Cerberus Business Finance may make advances of up to $4.0 million to co‍​

* Says there can be no assurance that foregoing advance will be sufficient for co to sustain operations during or beyond the forbearance period

* Says has notified about 250 employees, representing about one-third of its workforce, of immediate termination of their employment​

* Says as required by the forbearance agreement, co has engaged a Chief Restructuring Officer, will engage an Executive VP of finance

* Says notified certain employees of termination based on co’s “deteriorating financial condition”

* Says post meeting with Florida Office Of Insurance regulation,co doesn’t believe getting payment for services made to GIC will be successful

* Says as co does not believe efforts to obtain payment will be successful, major portion of co’s revenue & cash flow going forward will cease‍​ Source text: (bit.ly/2A32WUc) Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below