Reagor-Dykes Requests Hearing Concerning the Sale of Dealerships
Wednesday morning (Sept. 12), Reagor-Dykes requested an expedited hearing on the possible sale of RD dealerships.
On Tuesday, a company called KamKad offered over $25.3 million dollars and agreed to act as the “stalking horse bidder” if the court agrees to auction off RD. A stalking horse bid is a way to make sure assets are not sold for too little.
If anyone wants to purchase the RD companies, they would have to bid $1 million more than KamKad. If approved by bankruptcy court, bidding materials would be due November 16, and the auction would happen November 20 in Dallas.
If KamKad does not get the winning bid as a stalking horse bidder, then it is entitled to a $750,000 break-up fee.
KAMC News reports, The CRO for RD requested permission from bankruptcy court to sell the assets of 13 dealerships.
RD has requested a hearing on the issue on September 18th.