Reagor Dykes electronically filed a motion in bankruptcy court late Wednesday night for permission to hire a Chief Restructuring Officer.
If approved, the new CRO would help investigate what happened to Reagor Dykes (RD) and what led to allegations that the company was “out of trust” with its agreements with Ford Motor Company by $40 million or more.
Some but not all Reagor Dykes companies filed for Chapter 11 bankruptcy in the first week of August.
RD said in bankruptcy court records that Ford audited RD in June of 2018 – finding “a clean bill of health.” But a surprise audit in the final days of July came to very different results.
RD said in bankruptcy records, “Having been taken completely by surprise by the alleged findings of Ford in its last audit,” the company needs to find out what happened, including “activities of the former CFO and perhaps others working in concert within the [RD] operations…”
RD said the owners, Bart Reagor and Rick Dykes “have been working non-stop to determine” a long list of things.
RD said a restructuring officer is needed immediately “because of the departure of the former CFO and the current state of flux in which the Debtors are trying to make certain their financial data can be reliable and relied upon.”
The CFO was not listed by name nor were specific allegations made in the bankruptcy records filed Wednesday night.
The newest RD filing said ownership should also be subject to investigation in the name of transparency.
RD asked the bankruptcy court for permission to hire BlackBriar Advisors LLC. The case is already set to go back to a bankruptcy judge for an update on August 16.
Reagor Dykes publicly asked on Wednesday that questions or concerns be referred to a specific phone number or a specific email address.
The Help Desk number is 806-776-8632 and the email is firstname.lastname@example.org.
Related Story: Reagor Dykes companies file for Chapter 11 bankruptcy