In the words of federal bankruptcy court Judge Karen Owens—the Carolina Panthers, owner David Tepper and York County have reached “the finish line.”
From a Delaware court hearing on Thursday, Owens approved the bankruptcy settlement from Tepper’s real estate holding company, GT Real Estate (GTRE)—thus ending the final link to the failed Rock Hill, S.C. relationship. The settlement will pay York County the $21 million it dished out for the proposed Panthers headquarters and $60 million to the contractors who worked on the project before it was halted back in March.
GTRE, via The Herald, issued a statement about the ruling:
“From the outset, GTRE sought to ensure all legitimate claims were processed as fairly and quickly as possible and to achieve the project’s orderly and safe wind-down. We are pleased that the Court has approved our comprehensive plan of reorganization, which paves the way to resolve and satisfy GTRE’s creditor claims.”
The city of Rock Hill will now own the title to the property and the Panthers, well, will obviously have to find another spot for a new facility if Tepper wishes.
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