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GT Real Estate Holdings, LLC, a Delaware LLC owned by DT Sports Holding, LLC and ultimately Tepper Sports Holding, Inc., filed Chapter 11 in Delaware after the Carolina Panthers' planned headquarters and practice-facility development in Rock Hill, South Carolina broke down source filing source filing. The 234-acre mixed-use project had roughly $282 million invested, required at least $500 million more to complete, and depended on $225 million of City of Rock Hill bonds plus $20 million from the City and $21 million from York County. Construction was suspended on March 7, 2022; the debtor later defaulted the City, terminated project agreements, faced $55 million to $90 million of vendor claims, and disputed York County's demand for return of its $21 million contribution source filing.
The case opened as a controlled wind-down rather than an operating reorganization: the debtor had no employees, no revenue, and about $1 million of available cash, with Jonathan Hickman of Alvarez & Marsal serving as CRO source filing. GTRE sought a $20 million parent-funded DIP from DT Sports Holding, LLC, including $5.2 million of interim availability, a $3.2 million roll-up, 8% PIK interest, and a $1.2 million worker escrow for one-week payments to contractor and subcontractor workers affected by the shutdown source filing.
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