A local solution concerning restructuring efforts for the bankrupt Reagor-Dykes Auto Group will probably not happen.

Thursday afternoon, just before 3pm, McDougal Companies CEO Marc McDougal released a brief statement saying they are pulling out of efforts to restructure the Reagor-Dykes Auto Group.

McDougal was previously linked with Rick Dykes and Ewing Automotive, out of Dallas, concerning a partnership to restructure RDAG. Also, this week the chief restructuring officer for RDAG was scheduled to meet with Ford in Dearborn, Michigan.

The complete statement from McDougal Companies CEO Marc McDougal:

"Today the McDougal Companies notified all parties involved that we are ceasing discussions in the Reagor-Dykes Auto Group bankruptcy," said Marc McDougal, CEO.

"It was our hope that everyone could come to the table to work out an equitable long-range solution. We were prepared to raise significant investor capital to allow the restructured company to continue operations and work through its problems. We saw this as the best hope for all creditors, as well as consumers and employees."

"Unfortunately, we were unable to get all parties on board with a global solution."

"We hope for the best for RDAG employees, customers still in limbo, and all those owed money, both secured and unsecured."