Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
11 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
17 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
17 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
17 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
18 hours ago