Tepper Company making 80+ million offer to York County, City and others to resolve claims on the failed Panthers project
Here is the official press release from GT Real Estate Holdings that was sent this morning.
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.”
