International Bank of Commerce asks for court to allow it to foreclose on Reagor-Dykes dealerships
Laredo-based International Bank of Commerce claims Reagor-Dykes has failed to make loan payments since filing for chapter 11 protections.
On Thursday the Reagor-Dykes chief restructuring officer testified that no rent has been paid for any dealership since Aug. 1.
IBC issued a $35 million credit line to the Auto Group's real estate buyer, D and R Acquisitions, in February.
IBC is asking the court to allow it to foreclose on the dealerships in Plainview, Lamesa, Floydada and Amarillo, and the Auto Mall location in Lubbock.