Patriot National Stock Drops 60% After Disclosure of Forbearance Agreement
Latest on Patriot National as posted by Seeking Alpha....
Patriot National (PN -64.1%) plunges by more than 60% after disclosing it has entered into a forbearance agreement with its lenders, and that much of its revenue and cash flow will cease.
PN is in default of its credit Agreement due to the failure to deliver timely financial statements, non-payment of interest due Nov. 1 and the failure to comply with financial covenants.
Based on the company's deteriorating financial condition, PN says it is terminating ~250 employees, or one-third of its workforce.
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