ROCK HILL, S.C. (AP) – Carolina Panthers owner David Tepper’s real estate company has proposed to pay more than than $82 million to creditors over an abandoned $800 million practice facility project in Rock Hill, South Carolina. Tepper’s company GT Real Estate Holdings filled for Chapter 11 bankruptcy in Delaware on June 2.
Under this plan, GTRE would resolve claims by paying $60.5 million in cash funded into a settlement trust for contractors and others, $21.1 million to York County and $20 million or more to the City of Rock Hill. DT Sports Holding, LLC, a Tepper entity, previously funded $20 million in debtor-in-possession financing.
Tepper, one of the NFL’s richest owners, had invested more than $175 million in the half-built facility, thus he and his organization would spend nearly $260 million on a project that won’t happen.
The plan requires approval from courts and creditors.
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