ROCK HILL, S.C. — David Tepper’s real estate group, GT Real Estate Holdings, is offering about $100 million to resolve claims from contractors, subcontractors, and York County as part of a bankruptcy plan following the failed Carolina Panthers practice facility in Rock Hill.
This is the latest in the ongoing saga surrounding the practice facility, which had faced numerous delays and setbacks before Tepper pulled the plug on the project. Work on the practice facility stopped earlier this year.
Tepper Sports suspended construction after it said the city of Rock Hill failed to come through with funding for the project, so the company terminated the construction agreement.
GT Real Estate filed for bankruptcy earlier in June.
The company issued a release Thursday with the details, but the offer will still have to be approved by creditors.
According to the company: $60.5 million in cash is being offered to contractors, subcontractors, and general unsecured creditors; $21.165 million is being offered to reimburse York County for what it contributed to the project plus interest; and $20 million or more from the net proceeds of the property sale will be offered to the City of Rock Hill.
“GTRE now has a clear path to emerge from bankruptcy made possible by substantial commitments from DT Sports Holding, which has made available to GTRE more than $82 million in cash in an effort to bring this process to an orderly and equitable conclusion,” said a statement from the company. “GTRE believes that the Plan is in the best interests of its creditors and anticipates that a hearing to consider approval of the Plan will occur in October of this year.”
In response to a question from Channel 9, the City of Rock Hill declined to comment on the offer.
PREVIOUS COVERAGE:
- Newly released financial records show trouble behind Panthers’ failed Rock Hill facility
- David Tepper’s real estate company files for bankruptcy over Panthers practice facility
- Tepper on Rock Hill practice facility: ‘We released a statement already’
- David Tepper’s company says it sent notice to terminate Panthers project in Rock Hill
- Deal or no deal? Local leaders want to hear from Panthers on paused Rock Hill HQ project
- As Panthers’ new HQ remains on hold, Rock Hill leaders say they’ve done their best
- Resolution by York County leaders supports Panthers project, but does it benefit taxpayers?
(WATCH BELOW: General contractor for failed Panthers facility says Tepper, Panthers should be liable)
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