October 4, 2022
  • October 4, 2022
  • Home
  • Real Estate Company
  • David Tepper’s real estate firm offers $82m payout for failing practice facility | News, Scores, Highlights, Stats & Rumors

David Tepper’s real estate firm offers $82m payout for failing practice facility | News, Scores, Highlights, Stats & Rumors

By on August 11, 2022 0

David Tepper (Grant Halverson/Getty Images)

GT Real Estate Holdings LLC, a company run by Carolina Panthers owner David Tepper, has offered a settlement of just over $100 million to contractors, creditors and local governments tied to failed construction projects. construction of a training center in Rock Hill, South Carolina.

Erik Spanberg of Charlotte’s Business Diary reported Thursday that the offer includes an upfront payment of $81.7 million and $20 million from the future sale of the proposed site.

The plan will require court and creditor approval, for Steve Roseau from the Associated Press.

In June, GT Real Estate filed for Chapter 11 bankruptcy after the failure of an $800 million project to create a new Panthers training facility as well as retail stores, restaurants and a hotel, according to Joseph Person and Daniel Kaplan of The Athletic.

The company continued to work toward a settlement agreement while bankruptcy hearings were postponed until at least September.

GT Real Estate released a statement in connection with Thursday’s offer, indicating that the money for the initial payment was made available by DT Sports Holding, another company owned by Tepper, according to Spanberg:

“This plan reflects GTRE’s promise to promptly resolve all claims and make payments to its creditors, including York County and the Town of Rock Hill. GTRE now has a clear path out of bankruptcy, made possible by substantial commitments from DT Sports Holding, which has made available more than $82 million in cash to GTRE in an effort to bring this process to an orderly and fair conclusion.GTRE believes the plan is in the best possible interest of its creditors and anticipates that a hearing to consider approval of the plan will be held in October of this year.”

The site had already undergone 20 months of construction before plans were halted.

Tepper bought the Panthers in May 2018 for just under $2.3 billion, which was the highest price paid for an NFL franchise at the time. He was previously a shareholder of the Pittsburgh Steelers.

Forbes estimates the 64-year-old Pittsburgh native has a net worth of $16.7 billion, making him the 105th richest person in the world, having founded hedge fund Appaloosa Management.

Tepper declined to discuss the failure of the project, saying in April that he would “respect the city’s request not to have a back-and-forth in public about it.”

Source link