Reagor-Dykes Motors Files for Chapter 11 Bankruptcy Protection After Being Sued
ADDITIONAL INFORMATION 4:05pm, August 1, 2018:
On July 31, 2018, Ford Motor Credit Company sued Reagor-Dykes in federal court in the Northern District of Texas. In the 15-page filing, Ford Motor Credit alleges Reagor-Dykes falsified records to obtain extra loans and defaulted on financing agreements.
Click here to read a PDF of the lawsuit filed by Ford Motor Credit against Reagor-Dykes.
New York-based publication Reorg First Day reported Wednesday afternoon that Lubbock based Reagor-Dykes Motors has filed for Chapter 11 bankruptcy protection. The filing was made in the Bankruptcy Court for the Northern District of Texas.
Reagor-Dykes Motors reported assets and liabilities in both the $10 million to $50 million range. Reagor-Dykes Motors is being represented by Mullin Hoard and Brown of Lubbock.
Owners Bart Reagor and Rick Dykes issued the following statement to KAMC News:
The Reagor Dykes Auto Group regrets that it became necessary this morning to seek legal protection for several of its dealerships due to a dispute with one of its lenders. We are doing everything in our power to work through the issues. We are eternally grateful for our loyal employees, customers and friends in Lubbock and the West Texas community.
Reorg First Day also reported affiliated debtors are: Reagor-Dykes Imports, Reagor-Dykes Amarillo, Reagor-Dykes Auto Company, Reagor-Dykes Plainview and Reagor-Dykes Floydada.