RDAG approved to use additional cash collateral

LUBBOCK, TX (KCBD) - Attorneys for Reagor-Dykes Auto Group were back in federal bankruptcy court Wednesday on a number of matters related to the dealership group’s ongoing bankruptcy case.

Judge Robert Jones approved a motion for the group to use additional cash collateral to allow the Reagor Auto Mall along 19th Street to continue selling their used car inventory. As part of the agreement, ninety percent of any profit of the sale will be split between First Capital Bank of Midland and Lubbock’s First Bank and Trust.

An additional hearing on cash collateral will be held on February 8.

Judge Jones also allowed an agreement allowing Reagor-Dykes to pay rent to the family of Jack Morris on their Ford dealership in Plainview, as well as paying their 2018 property taxes on their Toyota dealership located nearby.

A number of other items on Wednesday’s agenda were moved to either the February 8 hearing or an additional hearing on real estate matters scheduled for early next week.

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