Patriot National wins interim access to $5 million of DIP financing

By Caroline Salls

Pittsburgh, Feb. 1 – Patriot National, Inc. obtained court approval to access $5 million of a proposed $15.5 million of debtor-in-possession financing from Cerberus Business Finance, LLC on an interim basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Feb. 28.

Interest will accrue at the reference rate plus 750 basis points or Libor plus 925 bps.

The DIP financing agreement will terminate on May 30.

Based in Fort Lauderdale, Fla., Patriot National provides workers’ compensation and managed care services. The company filed bankruptcy on Jan. 30 under Chapter 11 case number 18-10189.

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