CHARLOTTE, N.C. — GT Real Estate, one of multiple companies owned by Carolina Panthers owner David Tepper, submitted a plan to pay back creditors in the failed Rock Hill Panthers HQ project.
Under a reorganization plan submitted in court on Thursday morning, Tepper's other company, DT Sports Holding, will make $82 million available in cash under a Plan Sponsor Agreement with GT Real Estate.
The plan includes paying contractors who worked on the site $60.5 million, as well as paying York County $21.165 million.
Additionally, GT Real Estate plans to sell the site of the Panthers HQ project in Rock Hill to pay the City of Rock Hill at least $20 million from the available net proceeds after handling clean-up and senior claims. A GT Real Estate spokesperson did not say how much the site will be listed for.
The plan is pending court approval.
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If approved by the court, $60.5 million would go into a settlement trust for the benefit of contractors, subcontractors, and creditors, while more than $21 million in cash will be set aside to reimburse York County.
Read GT Real Estate's full news release below:
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Thursday's news release included the following statement from the company:
"This Plan reflects GTRE’s promise to expeditiously resolve all claims and make payments to its creditors, including to York County and 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. 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.”
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WCNC Charlotte reporter Indira Eskieva has reached out to both York County and the city of Rock Hill for comment. We are also reviewing the nearly 100-page bankruptcy filing to gather more information.
Stay tuned for updates on this developing story.
Contact Indira Eskieva at ieskieva@wcnc.com and follow her on Facebook, Twitter and Instagram.
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