Texans CUSO Insurance Group, LLC Receives Court Approval Of 'First Day' Motions

Texans CUSO Insurance Group, LLC had its first day of hearings in the United States Bankruptcy Court for the Northern District of Texas (the “Court”) on September 10, 2009. The Bankruptcy Court approved all motions for relief that were requested by Texans CUSO Insurance Group, LLC.

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 employees; and
• Interim approval to utilize cash collateral. The final cash collateral hearing is scheduled for October 8, 2009.

“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. “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,” Mr. Haselden concluded.