Ford Motor Credit not ready to settle with Reagor-Dykes in bankruptcy court

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(Nexstar/Staff)

LUBBOCK, Texas– Ford Motor Credit Company was not ready to settle with Reagor-Dykes Auto Group on Thursday in the bankruptcy court of Judge Robert L. Jones.

Ford Motor Credit attorney Don Cram said even though FMCC was happy that RDAG was making progress, there were still deficiencies in a reorganization plan RDAG filed.

Cram said FMCC “was unsure what the debtors were asking the court to approve.”

Attorneys representing RDAG appeared via phone which is sometimes allowed in bankruptcy court. They were caught off guard by FMCC’s argument and were not ready to respond.

Jones said the court was not comfortable moving forward with the plan based off just statements or to “just talk about it, and that there was clearly a “feud” between RDAG and FMCC.

Attorneys for RDAG said they were willing to “re-file” their reorganization plan, which Jones approved. Jones said he will be ready to review it some time next week.

Related link: The new plan to put Reagor Dykes dealerships back in business

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