Reagor Dykes makes deal with bank to put off liquidation request

Local News
Reagor_Dykes_lawyers_back_in_court__prev_0_20181018031201

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.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

News Highlights

More News Highlights

Don't Miss

Event Calendar