Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Texans CUSOs Chapter 11 bankruptcy approved
RICHARDSON, Texas (9/17/09)--The U.S. Bankruptcy Court for the Northern District of Texas approved all motions for bankruptcy relief Sept. 10 for Texans CUSO Insurance Group. The group, a subsidiary of Texans CU, filed for bankruptcy relief under Chapter 11 reorganization on Sept. 5. The group filed its case to resolve temporary operational and liquidity issues. The court granted:
* Approval to pay pre-petition commissions owed to its independent agents; * Approval to remit all insurance premiums to insurance carriers; * Approval to honor pre-petition wages and benefits of its employees; and * Interim approval to use cash collateral. The final cash collateral hearing is scheduled for Oct. 8.
Mike Haselden, group president, said its agents, employees and customers would not experience any interruption in service as the organization works through the Chapter 11 process. Texans CU, Richardson, Texas, has $1.7 billion in assets.


RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
7 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
8 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
10 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
11 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
11 hours ago