(The following is a statement from Marc McDougal regarding Reagor-Dykes restructuring efforts)
“Today [Thursday] the McDougal Companies notified all parties involved that we are ceasing discussions in the Reagor-Dykes Auto Group bankruptcy,” said Marc McDougal, CEO.
“It was our hope that everyone could come to the table to work out an equitable long-range solution. We were prepared to raise significant investor capital to allow the restructured company to continue operations and work through its problems. We saw this as the best hope for all creditors, as well as consumers and employees.”
“Unfortunately, we were unable to get all parties on board with a global solution.”
“We hope for the best for RDAG employees, customers still in limbo, and all those owed money, both secured and unsecured.”
(This statement was released by Marc McDougal)