Reagor Dykes makes deal with bank to put off liquidation request

Local News

LUBBOCK, Texas — A scheduled Thursday morning hearing in the Reagor Dykes bankruptcy case was put off.  The hearing was a request by First Bank and Trust to convert the Reagor Dykes bankruptcy from a reorganization to a liquidation.

Reagor Dykes and FB&T filed a proposed settlement agreement Wednesday in court documents.  FB&T agreed to put off its request.  Reagor Dykes agreed not pursue potential claims against FB&T.  

The bankruptcy judge moved the FB&T hearing from Thursday to November 15.  That gives Reagor Dykes time to pursue a reorganization plan which was first filed in September.

The plan, if approved, calls for a plan sponsor to provide $13 million capital in exchange for 90 percent equity in the dealerships.

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