Judge orders car companies to negotiate with stalking-horse bidder

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Reagor Dykes Bankruptcy 720 v2 (better)

A federal judge issued a new order in the Reagor Dykes bankruptcy case on Thursday.

The judge ordered car companies to negotiate with KamKad Automotive Group, which was approved Tuesday as a stalking-horse bidder.

KamKad gets the first bid at the auction of 13 Reagor Dykes locations, which will be more than $25 million. Others can bid more for a November 15 auction. The winning bidder gets the properties more-or-less free and clear.

Gulf States Toyota, General Motors and Ford Motor Company each filed objections to the sale of the Reagor Dykes dealerships, arguing the dealerships cannot be sold to another company without their approval.

If the companies reach an agreement, they must let the court know.

If an agreement is not met, a hearing will take place Oct. 5.

Related Stories: Reagor Dykes – extended coverage of the bankruptcy 

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