IBC Bank Forecloses Dealerships, Sues to Get Money Owed
May 15, 2019—International Bank of Commerce-Oklahoma has sued principals and entities in the Reagor Dykes Auto Group to collect money it claims it is owed, reported Express News. The bank sued to collect approximately $26 million.
International Bank of Commerce-Oklahoma last week foreclosed on multiple dealership properties that were pledged as collateral on more than $34 million in loans it’s owed by principals and entities affiliated with the Reagor Dykes Auto Group.
Various Reagor Dykes entities filed for bankruptcy last summer after Ford Motor Credit Co. accused the group of fraud in connection with loans made for purchasing vehicle inventory. The defendants owed more than $112 million to Ford Credit, according to court documents.
Reagor Dykes counsel announced a $20 million equity contribution from McDougal-Dkyes-Ewing Group as part of a reorganization to recapitalize the business. In exchange, the group would get a 90 percent stake in the reorganized dealership. IBC agreed to provide the McDougal-Dykes-Ewing Group almost $3.8 million for operating expenses.