ROCK HILL S.C. (CN2 NEWS) – If anyone was holding out hope, it’s not happening.
The real estate company, GT Real Estate Holdings, LLC, associated with Carolina Panthers’ owner, David Tepper is walking away, filing Chapter 11 according to GT Real Estate. Officials saying the project is “dead”.
Now, they add, Panthers teams (Tepper Sports & Entertainment, Carolina Panthers and Charlotte FC) remain unaffected, but the real estate company associated with Tepper and the $200+ Million dollar project in Rock Hill is filing bankruptcy.
GT Real Estate Holdings, the group set to build the Panthers headquarters and practice facility in Rock Hill says it has begun to “wind down the process” at the Rock Hill facility.
No comment from the City of Rock Hill or York County at this time.
This is a developing story. Check back for updates.
This is the official release from GT Real Estate:
GT Real Estate Holdings, LLC Announces Financial Restructuring
Receives Commitment of Up to $20 Million in Financing
Charlotte, NC – June 1, 2022 – GT Real Estate Holdings, LLC (GTRE), a Delaware limited liability company, today announced it has begun a court–led financial restructuring process in Delaware to effect an orderly wind–down of the project at Rock Hill, SC. This action follows the termination and rescission of the agreements with the City of Rock Hill that related to the project, which GTRE previously announced.
GTRE also announced that it has received a commitment for $20 million in financing from DT Sports Holding, LLC, subject to court approval, which will allow the Company to fund a process to address its legitimate creditor claims, as well as to preserve, protect and enhance the Rock Hill site for the benefit of all stakeholders.
GTRE issued the following statement: “In recent weeks, GTRE has been confronted with various claims, some valid and some not, from vendors, contractors and other third parties, including York County, SC.
GTRE is taking this action to ensure legitimate claims are processed as fairly and expeditiously as possible under a court supervised process, and to achieve the project’s orderly and safe wind–down. GTRE intends to resolve its legitimate obligations.”
Tepper Sports & Entertainment (TSE), the Carolina Panthers, Charlotte FC and TSE’s other affiliates are unaffected by the filing and will continue to operate its business without interruption to customers, vendors, partners and employee