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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.


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