ROCK HILL, S.C. (QUEEN CITY NEWS) — Carolina Panthers owner David Tepper’s real estate holdings company announced a plan Thursday to make $82 million available to resolve claims related to the failed practice facility in Rock Hill.
GT Real Estate Holdings, LLC said it filed a Plan of Reorganization in U.S. Bankruptcy Court.
Under the proposed plan, $60.5 million in cash would be funded into a settlement trust for contractors, subcontractors and general unsecured creditors. GTRE said it believed the funds would be sufficient to pay all “allowed claims in full.”
$21.165 million in cash would go to reimburse York County for the funds it contributed to the project, plus interest. The county had previously filed a lawsuit against Tepper’s companies over “misappropriated” $21 million of public funds meant for the expansion of a roadway.
Another $20 million or more from the sale of the property would be used to make payments to the City of Rock Hill.
The real estate company said the plan reflects its promise to resolve all claims.
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. 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.GTRE Holdings, LLC
Tepper’s company filed for bankruptcy in June after the breakdown of the project.
Work on the facility was suspended in March, blaming officials in Rock Hill for failing to secure the multi-million dollar bonds for the work.
York County officials told Queen City News that they were not commenting on the proposed plan at this time.