Reagor-Dykes claims bankruptcy after Ford Motor Credit files lawsuit

Staff Writer

LUBBOCK – Reagor-Dykes Auto Group, a car dealership which opened in Lubbock in 2003 and has since spread to several locations throughout Texas, filed for Chapter 11 bankruptcy Tuesday after being sued Monday by Ford Motor Credit for default on a debt.
According to the lawsuit, Reagor-Dykes owed Ford Motor Credit more than $116 million, plus another $3.9 million in outstanding principal, and had agreed to pay $41 million that was currently due; however, the payment was rejected, either due to insufficient funds or because payment on the draft was stopped.
See Sunday's Herald for the rest of the story.