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.
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"The Court's approval of our first day motions is a positive first step toward a successful restructuring," said Mike Haselden, president of Texans Insurance Group, in a statement. "Our agents, employees, and customers will see no interruption in service and it truly is 'business as usual' as we work through the Chapter 11 process."
Texans Insurance Group is a subsidiary of $1.7 billion Texans Credit Union.
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