Last week, David Tepper's GT Real Estate Holdings LLC took a major step toward potentially resolving its chapter 11 bankruptcy case and the Carolina Panthers headquarters saga in Rock Hill, N.C., the Charlotte Business Journal reported. The entity proposed a bankruptcy plan that would see contractors, creditors and local governments receive around $100 million. That plan is still subject to approval of the creditors and Delaware bankruptcy court, a process that could take months to sort out. Court documents show that a hearing for the bankruptcy plan approval process has been scheduled for Sept. 19. It is referred to as a "disclosure statement hearing" in the court filing. Andy Houston, a Charlotte bankruptcy attorney for Moon Wright & Houston, said that hearing is an initial step toward getting the full bankruptcy plan confirmed. Upon announcing its bankruptcy plan proposal last week, GT Real Estate said it was aiming for an October confirmation. The proposed plan calls for $60.5 million in cash to repay unsecured creditors, contractors and subcontractors from the Panthers project. It includes another $21.65 million to repay York County for its contributions to the project. The city of Rock Hill would receive $20 million or more from the sale of the 240-acre project site after accounting for senior claims and cleanup costs, GT Real Estate said.
