A court has approved all of the motions requested after Texans CUSO Insurance Group LLC filed for Chapter 11 bankruptcy on Sept. 5, according to the Texans Credit Union subsidiary.
The CUSO said it had its first day of hearings in the United States Bankruptcy Court for the Northern District of Texas on Sept. 10, five days after the $1.7 billion Texans Credit Union announced Texans Insurance Group filed Chapter 11 on Sept. 5.
Among the relief granted by the court was 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 employee and interim approval to utilize cash collateral, according to the CUSO. The final cash collateral hearing is scheduled for Oct. 8.
"The court's approval of our first-day motions is a positive first step toward a successful restructuring," said Mike Haselden, president of Texans Insurance Group, in a statement. "Our agents, employees, and customers will see no interruption in service, and it truly is 'business as usual' as we work through the Chapter 11 process."
--msamaad@cutimes.com
The CUSO said it had its first day of hearings in the United States Bankruptcy Court for the Northern District of Texas on Sept. 10, five days after the $1.7 billion Texans Credit Union announced Texans Insurance Group filed Chapter 11 on Sept. 5.
Among the relief granted by the court was 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 employee and interim approval to utilize cash collateral, according to the CUSO. The final cash collateral hearing is scheduled for Oct. 8.
"The court's approval of our first-day motions is a positive first step toward a successful restructuring," said Mike Haselden, president of Texans Insurance Group, in a statement. "Our agents, employees, and customers will see no interruption in service, and it truly is 'business as usual' as we work through the Chapter 11 process."
--msamaad@cutimes.com
