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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.