Texans CUSO Insurance Group LLC said a court has approved all of its motions for relief after the company filed for Chapter 11 bankruptcy last week.
The CUSO 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 credit union announced it had 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.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 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.
