LUBBOCK, TX (KCBD) - In court documents filed late Friday afternoon, the International Bank of Commerce, the bank financing most of the Reagor Dykes real estate across five Texas counties, asked the bankruptcy court to allow it to initiate foreclosure proceedings on those properties.
An automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy.
The documents say IBC and RDAG entered into a $35 million credit facility, using property in Lubbock, Hale, Dawson, Floyd and Randall counties as collateral on the loan.
Since the filing of the bankruptcy, the monthly loan payments have not been made and RDAG is in default.
The documents state:
A response to the motion is expected before September 14, 2018.
Also filed on Friday afternoon is a motion for an expedited hearing to lift the automatic stay. IBC requests the hearing on the IBC Stay Relief Motion be set for September 18, "so that it can be heard in conjunction with the final hearing on (RDAG's) joint emergency motion for authority to use cash collateral.