Tepper’s GT Real Estate offers to Pay Claims in Failed Panther’s Project

ROCK HILL, S.C. (CN2 NEWS) – GT Real Estate Holdings, LLC announced today a plan to pay all involved with the bankruptcy case in the failed Carolina Panthers project in Rock Hill.

Under this plan, funds will become available to resolve claims. Below is a breakdown of how the funds may be distributed.
• $60.5 million in cash funded into a settlement trust for the benefit of contractors,
subcontractors and general unsecured creditors.
• $21.165 million in cash to reimburse York County for all amounts it contributed to the project, plus interest.
• $20.0 million or more from the available net proceeds (after clean-up and senior claims) of the sale of real property to make payments to the City of Rock Hill.

See below full press release:

Press Release:
GT REAL ESTATE HOLDINGS, LLC ANNOUNCES PLAN OF REORGANIZATION
Over $82 Million Made Available to Resolve Claims, Including $60.5 Million for Contractors,
Subcontractors and Unsecured Creditors and $21.165 Million for York County

Charlotte, NC – August 11, 2022 – GT Real Estate Holdings, LLC (“GTRE”), a Delaware limited liability company, today announced it has filed a comprehensive Plan of Reorganization (the “Plan”) in the U.S. Bankruptcy Court for the District of Delaware (the “Court”).

Under the terms of the Plan, which is subject to approval by the Court and creditors, GTRE would have over $82 million available to resolve allowed claims. The funds for distributions to creditors are being provided by DT Sports Holding, LLC, under a Plan Sponsor Agreement with GTRE. DT Sports Holding, LLC previously funded $20 million in Debtor-in-Possession financing.

The following amounts are available for distribution under the Plan:
• $60.5 million in cash funded into a settlement trust for the benefit of contractors,
subcontractors and general unsecured creditors, which GTRE believes will be sufficient to pay all allowed claims in full;
• $21.165 million in cash to reimburse York County for all amounts it contributed to the project, plus interest; and
• $20.0 million or more from the available net proceeds (after clean-up and senior claims) of the sale of real property to make payments to the City of Rock Hill.

“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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