GM Financial, citing 'little opportunity' for meaningful progress, requests access to relief
In a request to expedite a hearing, AmeriCredit Financial Services -- the financial wing for General Motors -- asked the bankruptcy judge Friday to hear and decide on relieving GM Financial from the court's automatic stay; the proposed hearing would coincide with a hearing on Reagor-Dykes Snyder's use of cash collateral on Feb. 20.
Attorneys write "GM Financial continues to incur extraordinary expense in protecting its collateral with little proposals being shown for a reorganization of either Reagor-Dykes Snyder, L.P. or the Reagor-Dykes Group, generally."
The court filing indicates GM Financial's discussed expediting the hearing with attorneys for Reagor-Dykes. It notes the auto group doesn't consent to the request for expedition, but have requested the court compel all parties to mediate all issues to achieve a "global resolution." GM Financial notes it's not listed as an "interested party" for that, and sees "little opportunity for such a gathering to make any meaningful progress."