LUBBOCK, TX (KCBD) - The 1995 Cessna Citation Ultra owned by Reagor-Dykes since January 2017 will soon have a new home.
The company that holds the nearly $1 Million loan on the aircraft, Masdison Funding L.L.C., wants to sell the jet due to Reagor-Dykes' non-payment of their loan agreement.
The loan taken by Reagor-Dykes Executive Travel in late December of 2016, states they would be in default if they seek bankruptcy and reorganization, as Reagor-Dykes Executive Travel’s parent company did on Aug. 1.
Reagor-Dykes Executive Travel was not part of the August 1 bankruptcy, but has agreed to sell the jet. In doing so Reagor-Dykes would be released from the loan.
Madison Funding stated in court paperwork a prospective buyer has agreed to purchase the aircraft. The court paperwork, filed Monday, also state the bankruptcy trustee and Reagor-Dykes' attorneys have agreed to the move.
The loan, or Equipment Financing Agreement, was for 60 months with a monthly installment of $15,640 with a balloon payment of $150,000.
The agreement stated the aircraft would be housed when not in use at Lubbock Aero.
According to FlightAware.com, the Cessna was last flown to and from Lubbock to the Dallas suburb of Addison on Aug. 7. Reagor-Dykes' Dallas office is located next to the Addison Airport property.