Several entities of an auto group serving customers across West Texas and in Amarillo have filed for bankruptcy.
On Wednesday, it was announced that several entities of Reagor-Dykes Motors have filed for Chapter 11 bankruptcy protection. News reports out of Lubbock state that the motion for bankruptcy protection was filed in the Bankruptcy Court of the Northern District of Texas. The news was first released by Reorg First Day.
The announcement comes a day after Ford Motor Credit Company filed a lawsuit against the dealers and their entities in a Lubbock federal court. Reagor-Dykes Motors is reportedly be represented by Mullin Hoard and Brown of Lubbock, KFYO reported.
Following the announcement, dealership owners Bart Reagor and Rick Dykes released this statement to KAMC News in Lubbock:
The Reagor Dykes Auto Group regrets that it became necessary this morning to seek legal protection for several of its dealerships due to a dispute with one of its lenders. We are doing everything in our power to work through the issues. We are eternally grateful for our loyal employees, customers and friends in Lubbock and the West Texas community.