Tepper-led GT Real Estate’s bankruptcy plan advances

CHARLOTTE — The Chapter 11 case for David Tepper’s GT Real Estate Holdings LLC is moving ahead, and the potential confirmation timeline for its proposed bankruptcy plan is becoming more clear. The entity, which was formed to oversee the Carolina Panthers headquarters project in Rock Hill, has also won support from key parties for its plan.

Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware said during a hearing on Monday that she would approve GT Real Estate’s disclosure statement for its Chapter 11 plan. Owens also indicated that a confirmation hearing for the bankruptcy plan, which GT Real Estate recently amended, could be scheduled for mid- to late November.

Today’s hearing came after GT Real Estate filed an amended bankruptcy plan and disclosure statement with the court last week. The amended plan removed the city of Rock Hill and York County as priority creditors in the case. The plan kept in place the allocation of $60 million for contractors and subcontractors and $500,000 for unsecured claims.

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VIDEO: Rock Hill files complaint against Tepper-led real estate entity in bankruptcy court