Federal judge approves Tepper company’s bankruptcy settlement, YCSO investigation continues
Per the settlement, GT Real Estate will pay York County more than $20 million for the project.
YORK COUNTY, S.C. (WBTV) - The battle over the Panthers failed headquarters project in Rock Hill has officially come to an end.
A federal judge approved the bankruptcy settlement for David Tepper’s company, GT Real Estate, on Friday.
As part of the settlement, Tepper’s company will pay York County more than $20 million for the project.
The City of Rock Hill will get the title to the land, and the contractors who were supposed to complete the project will be awarded $60 million.
Following the judge’s approval, GT Real Estate issued the following statement:
“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 judge’s approval comes just two weeks after York County officials launched an investigation into Tepper and GT Real Estate’s use of public funds, and just a week after the county approved the settlement.
When asked for comment on Friday, the York County Sheriff’s Office, which is conducting the investigation, said that “this agreement was reached with [the] County government and not the Sheriff’s Office and does nothing to affect the current investigation in to the possible misuse of public funds.”
Related: Bad Bonds: The failed Panthers-Rock Hill project had major questions from the start
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