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.
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:
- 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.
