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
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
2 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
4 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
6 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
6 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
7 hours ago