David Tepper’s real estate holdings company files for bankruptcy
CHARLOTTE, N.C. (QUEEN Town Information) – The Rock Hill-Panthers project is officially more than.
According to GT Serious Estate Holdings, the company has begun a court docket-led bankruptcy course of action in Delaware to go ahead with the wind-down of the Rock Hill job.
The Carolina Panthers and City of Rock Hill terminated venture agreements in April immediately after citing failure to challenge bonds or give funding for the team’s $800 million schooling facility.
The corporation produced the subsequent statement pertaining to the submitting:
In current weeks, GTRE has been confronted with many promises, some valid and some not, from vendors, contractors, and other 3rd functions, which include York County, SC. GTRE is getting this action to make certain legitimate promises are processed as fairly and expeditously as attainable less than a court supervised approach, and to achieve the project’s orderly and harmless wind-down. GTRE intends to solve its legitimate obligations.
GT Real Estate
Tepper Sports activities & Amusement, the Panthers, Charlotte FC, and other TSE affiliates are unaffected by the filing and will function their business enterprise without having interruption.
On Thursday, York County officials stated the county expects to be reimbursed the $21 million it contributed towards upgrading a portion of Mt. Gallant Highway that borders the web-site of the task.
On Wednesday, GT Actual Estate Holdings LLC, (GTRE) submitted for individual bankruptcy security. GTRE is the entity dealing with the acquisition and building of the Carolina Panthers’ headquarters and observe facility in York County on behalf of the Carolina Panthers corporation and David Tepper.
York County Authorities is detailed as one of the collectors in the individual bankruptcy action. GTRE entered into an agreement with York County to enhance a area of Mt. Gallant Highway, which borders the headquarters/practice facility residence. York County contributed $21 million toward the Mt. Gallant challenge. We imagine those people money will be returned in whole with curiosity, and County taxpayers are safeguarded. We have been well prepared for this motion, and entirely be expecting a favourable outcome for our citizens.
This is a acquiring story. Stay with Queen Town News for updates.
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