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A soft insurance market, the recession, the loss of construction clients, and ongoing litigation expenses led to Texans CUSO Insurance Group LLC to file for chapter 11 bankruptcy, the CUSO said today.

In conjunction with the Sept. 5 filing, the CUSO said its is negotiating a debtor-in-possession financing facility, which should be finalized shortly. In the meantime, the Texans CUSO Insurance said it has sufficient cash to operate and the consent of its secured lender to utilize such cash for operational purposes. If approved by the United States Bankruptcy Court for the Northern District of Texas, the DIP financing will provide an immediate source of funds to the CUSO, enabling it to satisfy on-going expenses associated with the daily operation of its business, including the timely payment of employee wages and other business related obligations.

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