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Patriot National Inc. has filed for Chapter 11 bankruptcy.

Patriot National Inc., whose former CEO was already embroiled in malpractice litigation against Simpson Thacher & Bartlett and Kasowitz Benson Torres, filed for bankruptcy this week, listing nearly $4 million in debt to those two firms and seven others.

A Fort Lauderdale, Florida-based company that offers outsourcing, technology and underwriting services to insurance carriers, Patriot National has fallen on hard times of late, indicating last year that it had a plan to be acquired by its lenders through a pre-packaged restructuring plan. On Jan. 30, the company made good on that plan, filing a Chapter 11 case in Delaware federal bankruptcy court, represented by Hughes Hubbard & Reed and Pachulski Stang Ziehl & Jones. Patriot National listed overall debts of $242.2 million against assets of $159.4 million.

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Scott Flaherty

Scott Flaherty, based in New York, covers the business of law with a focus on legal ethics, lawyer misconduct, conflicts-of-interest and litigation involving law firms. He can be reached at sflaherty@alm.com. On Twitter: @sflaherty18

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