New deadline in sale of Reagor Dykes dealerships

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A bankruptcy court late Wednesday gave notice of the new deadline to file bid documents to purchase the Reagor Dykes dealerships.  

It is now set for Monday, November 26.  The auction, if necessary, is set for Tuesday at 10:00 a.m. in the offices of Foley Gardere, Foley & Lardner LLP, 2021, McKinney Avenue, Suite 1600, in Dallas.

Objections are then due on Wednesday, and a sale hearing is scheduled for Thursday.

KamKad Automotive Group has been approved as the so-called stalking horse bidder with an opening bid of just more than $25 million.  The winning bidder will buy substantially all of the assets of the Reagor Dykes automotive dealerships.  

The debt, for the most part, stays in bankruptcy court.  The purchase price also stays with the bankruptcy court. A bankruptcy judge will then decide how to split the money among the debtors. 

A list of Reagor Dykes companies filed for bankruptcy on August 1.  A second list of Reagor Dykes companies filed on November 2.  Ford Motor Credit Company was the first creditor to claim default against the Lubbock-based auto dealership.  Ford was also the first to claim fraud against Reagor Dykes.

Related Stories: Reagor Dykes – extended coverage of the bankruptcy 

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