In the latest development in the ongoing Reagor-Dykes bankruptcy saga, the McDougal Companies is now involved.

Former Lubbock Mayor Marc McDougal issued a brief statement today (Nov. 29) saying the McDougal Companies was asked to assist the parties involved in the Reagor-Dykes bankruptcy, specifically with the negotiations regarding the sale of real estate holdings and capital needs.

KAMC News now reports that a new group consisting of Marc McDougal, Rick Dykes and Finn Ewing, of the Ewing Automotive Group, would acquire the assets of the Reagor-Dykes Auto Group and become Chapter 11 sponsors.

A bankruptcy court judge and creditors, like Ford Motor Credit, would have to approve the purchase.