The company behind the abortive Carolina Panthers’ headquarters in Rock Hill has filed for Chapter 11 bankruptcy, owing nearly $50 million.
The second largest creditor is York County, SC, which is owed $21 million.
Overall these two debtors are owed most of the nearly $50 million listed in the June 1 filing.
“In recent weeks, GTRE has been confronted with various claims, some valid and some not, from vendors, contractors and other third parties, including York County, SC,” the company said in a statement. “GTRE is taking this action to ensure legitimate claims are processed as fairly and expeditiously as possible under a court-supervised process, and to achieve the project’s orderly and safe wind-down. GTRE intends to resolve its legitimate obligations.”
Officials with the two construction companies did not respond to emails from The Charlotte Observer seeking comment.
The newspaper reported that York County’s claim involves highway-project money it contributed to the project to widen a major road leading to the Panthers’ site.
“We believe those funds will be returned in full with interest, and County taxpayers are protected,” York County said in a news release. “We were prepared for this action, and fully expect a positive outcome for our citizens.”
The Panthers had intended to build a new headquarters on a 240-acre property in Rock Hill, the largest in the NHL. Construction started in the summer of 2020.
However, in March, GTRE halted construction on the property after the city failed to issue the bonds needed to fund the construction.
“The city insisted it had,” The Observer reported. “The two sides never reached an agreement on how they could pay for construction, and GTRE later sent the city of Rock Hill a letter terminating the agreement.”