Erik Spanberg of the Charlotte Business Journal reported today that David Tepper is set to offer 100 million under a proposal filed Thursday by GT Real Estate Holdings LLC. The Tepper-owned entity sought bankruptcy protection this summer after ending work on the new proposed Carolina Panthers’ headquarters project in Rock Hill. The Panthers owner is set to release $100 million in funds that would be paid to contractors, creditors, & local government organizations.
The offer is set to include an initial $81.7 million payment & another $20 million from the future sale of the proposed site. The Rock Hill site was a part of an $800 Million dollar raise by Teppers CRE arm — The site was approved to also build retail shops, restaurants, a hotel all of which fell through. The plan to pay back creditors is subject to approval by courts and creditors.
GT Real Estate released a statement as part of their recent offer which was disclosed Aug 11th, 2022. The firm went on to say — “This plan reflects GTRE’s promise to expeditiously resolve all claims and make payments to its creditors, including to York County & the city of Rock Hill. GTRE now has a clear path to emerge from bankruptcy made possible by the substantial commitments from DT Sports Holding, which was 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.”
The site had already undergone almost 2 years of development before the plans were halted, it is unknown why the project was halted. Tepper is listed as the 105th wealthiest man in the world with a net worth of 16.7 billion.
This post is based on the opinion of writers at Real Estate Today.