Rock Hill, South Carolina — GT Real Estate Holdings, the real estate group of David Tepper, has settled claims from contractors, subcontractors and York County as part of its bankruptcy plan following the collapse of the Carolina Panthers practice facility in Rock Hill. We are providing about $100 million to
It’s the latest in an ongoing story surrounding the practice facility, which faced numerous delays and setbacks before Tepper pulled the plug on the project. .
Tepper Sports suspended construction after the city of Rock Hill said it was unable to finance the project, causing the company to terminate the construction contract.
GT Real Estate filed for bankruptcy in early June.
The company announced details on Thursday, but the proposal is subject to approval from creditors.
According to the company, $60.5 million in cash has been provided to contractors, subcontractors and general unsecured creditors. $21,165,000 has been provided to reimburse York County for its contributions to the project and interest. More than $20 million will be provided to the City of Rock Hill from the net proceeds of the property sale.
“GTRE now has a clear path out of bankruptcy, made possible by a substantive commitment from DT Sports Holding,” a statement from the company said. We believe it will, and we anticipate a public hearing to consider approving the plan in October of this year.”
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(See below: General contractor of failed Panthers facility says Tepper, Panthers should be held responsible)
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