By Scott Harvey
Commerce – An announcement is forthcoming concerning an agreement between Williams Motors in Commerce and an investor that will restructure the company as it exits Chapter 11.
A judge in federally bankruptcy court last week denied a motion by Mt. Pleasant-based Guaranty Bond Bank to end chapter 11 protection which, if granted, could have led to the immediate liquidation of the business.
"The motion that was before the court was not granted because there was testimony by my investor, as to his ability and willingness to continue the business," said Wyman Williams, company president and CEO.
Williams would not release any additional details on the investor, only to say it is in the area. He hopes to formally make an announcement within the next few days or week.
"It will remain Williams Motors and there will be a process of the investor buying out my interest over time," Williams said. "We will be partners for awhile, and we're looking forward to it."
Williams Motors has been in business in Commerce since 1961.
Williams added, "It's certainly been a challenge to remain in business with all that happened with General Motors and the car business in general. But so far we have survived and thanks to community support come to this point, and it looks like we're going to head into the future."
Unfortunately not all area car dealerships have been so lucky. Over the past two years, a total of five GM dealerships have closed within a 45 mile radius, including Bonham, Cooper, Sulphur Springs, Mt. Vernon and Quitman.