TriColor Auto Group allegedly owes billions in liabilities, resulting in Chapter 7 chapter, monetary paperwork say

A north Texas automotive group, Tricolor Auto Group, has filed for Chapter 7 chapter, claiming to owe greater than $1 billion in liabilities.

Tricolor operates 5 dealerships throughout the Houston space, positioned on the North Freeway, Gulf Freeway, Beechnut Road, and Freeway 6.

The submitting within the U.S. Chapter Court docket for the Northern District of Texas signifies that the Irving-based automobile dealership firm has belongings valued between $1 billion and $10 billion.

Estimated liabilities are in the identical vary, in keeping with chapter paperwork.

An ABC13 crew discovered the dealership location on the Gulf Freeway shuttered with a lock on the gate on Thursday.

The placement on the North Freeway had an indication on the gate, directing prospects to name a customer support quantity.

ABC13 known as the quantity and has been unable to achieve anybody.

We’ll hold you up to date with any developments.

For updates on this story, observe Daniela Hurtado on Fb, Twitter and Instagram.

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