Texans CUSO Insurance Group LLC, a subsidiary of Texans Credit Union, has filed for chapter 11 bankruptcy protection.
In a press release issued today, Texans CUSO Insurance Group stated it filed its chapter 11 case on Sept. 5 to resolve its temporary operational and liquidity issues. The CUSO filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas.
"It is an important fact to note that the policyholders of Texans CUSO Insurance Group, LLC will not be affected by the filing. We look forward to the successful reorganization of Texans CUSO Insurance Group, LLC and its emergence from Chapter 11," said Michael Sauer, president/CEO of $1.7 billion Texans Credit Union.
Sauer said the chapter 11 filing would not impact credit union member accounts or services and the "entire management team at Texans CUSO Insurance Group, LLC, along with their dedicated employees, will work tirelessly to successfully restructure the company through the Chapter 11 process."
