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.