Judge Rules, Reagor-Dykes Can Take Out Loan to Pay Immediate Expenses
In bankruptcy court, a judge has ruled that Reagor-Dykes can take out a loan to pay immediate expenses.
The emergency motion filed on Tuesday (Jan. 8), said that Rick Dykes and Bart Reagor would put up a $1 million loan, while IBC Bank would loan up to $3.75 million. The judge ruled on Wednesday, allowing the use of the $1 million but did not rule on the potential loan from IBC Bank.
It was indicated that loan money would need to be approved in stages. The money approved by the judge is expected to keep Reagor-Dykes operating for a few weeks.
Among other issues, the judge hasn’t ruled on Ford’s request to take back vehicles from Reagor-Dykes dealerships.