Madison Funding, L.L.C. and Reagor Dykes reached an agreement in bankruptcy court for Madison to take back a corporate jet.
Some but not all Reagor Dykes companies filed for bankruptcy on August 1. Technically, the plane was purchased in December 2016 by R.D. Executive Travel which is not one of the companies that went bankrupt.
R.D. Executive Travel took out a $917,500.00 loan on the plane. The loan has gone into default. The loan payments were $15,640 per month for 60 months.
The plane was listed in court records as a Cessna Citation ULTRA Model 560. According to FlightAware, the last time it flew was on August 7 from Dallas to Lubbock.
“A prospective buyer has agreed to enter into a financing agreement with Madison,” court records said. R.D. Executive previously owned a 1997 Cessna 421C. It was sold on July 27, 2018.
CLICK HERE to see a picture of the actual plane and other information from FlightAware.
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