A dispute between majority and minority owners over the sale of Mac Churchill Acura in Fort Worth, Texas, has led the store to file for Chapter 11 bankruptcy reorganization.
In petitions filed Monday, the dealership asked the court to authorize an expedited sale of the store to Hiley Automotive Group, of Arlington, Texas. The agreement on the sale was solidified March 14, the motion says.
"The debtor [Mac Churchill Acura] does not foresee obtaining a higher or better offer from a competing purchaser which could close in a time under which the debtor could remain operating," the filing states. "An expeditious closing of the sale is essential to enable the debtor to expeditiously complete its Chapter 11 restructuring without incurring additional operating expenses at a time when the debtor has minimal cash on hand."
Mac Churchill is the store's majority owner; Sharbel Latouff owns a minority 15 percent stake, the Star-Telegram said in a report Tuesday.
In addition, Latouff and Ihmud Hamud together own 49 percent of Mac Churchill Auto Mall, of Bedford, Texas, a used-car outlet that Churchill co-owns with his wife, Lu Jo Churchill, the Star-Telegram said.
