RDAG, creditors in Lubbock court for updates on bankruptcy exit plan
LUBBOCK - Counsel for Reagor-Dykes Auto Group and creditors appeared Thursday afternoon in Lubbock federal bankruptcy court.
The hearing was the first in-person setting in almost two months, and provided updates on the proposed bankruptcy exit plan.
The plan filed in June provides two outcomes - a successful reorganization or a liquidation. The exit plan is scheduled to be considered by the bankruptcy court on Sept. 12. If that deadline is missed, there could be a motion filed to convert the Chapter 11 bankruptcy cases to Chapter 7, which would lead to liquidation.
The court hearing was scheduled to consider language in court documents and procedures for Rick Dykes’ debtor in possession financing. Bankruptcy Judge Robert L. Jones will issue a ruling on the matters next week.
Read more: https://www.amarillo.com/news/20190815/rdag-creditors-in-lubbock-court-for-updates-on-bankruptcy-exit-plan/1