DENVER — At least two Texas credit unions, Velocity Credit Union of Austin, Texas and Security Service Federal Credit Union of San Antonio, and possibly a third CU from Illinois won preliminary approval last week from a Denver bankruptcy judge to be members of a key unsecured creditors committee dealing with the Centrix Financial bankruptcy filing.
"I'm not sure what this entails since this is my first time in 35 years dealing with a bankruptcy like this but all I know is that we were selected," said Larry Strong, president/CEO of the $498 million Velocity CU.
Velocity is one of 21 large CUs listed by the beleaguered subprime lender as being owed more than $25 million in unsecured claims under Centrix' Chapter 11 bankruptcy filing.
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