David Tepper’s real estate company files for bankruptcy over Panthers practice facility
CHARLOTTE, NC (WWAY) — The real estate company led by Carolina Panthers owner David Tepper has filed for bankruptcy.
GT Real Estate Holdings said the bankruptcy was filed in connection with the failed practice facility project in Rock Hill.
The filing comes after the termination and rescission of the project’s agreement with the City of Rock Hill, which GTRE announced in April.
Construction stopped on the practice facility earlier this year after Tepper Sports said the city failed to pay for public infrastructure.
GT Real Estate Holdings released the following statement on the bankruptcy filing:
“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.”
This filing does not affect Tepper Sports, the Panthers or Charlotte FC, the real estate company said. The bankruptcy filings list 17 claims ranging from the main construction company seeking $27 million to a Myers Park interior designer seeking $1,600.
A bankruptcy attorney who is not associated with this case said the public should expect the now-defunct practice facility site to be resolved faster as a result of this filing.
“This is a process in which I think that will help expedite and whatever the project is going to be, property is going to be, you know, in the future,” John Woodman said. “This will help that process at least start a lot sooner rather than later.”
It’s unclear at this point what will happen to the half-built practice facility.
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