GT Real Estate Holdings gets OK to tap $5 million of DIP facility

By Sarah Lizee

Olympia, Wash., June 6 – GT Real Estate Holdings, LLC received interim approval to access $5 million of a proposed $20 million debtor-in-possession facility, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, parent DT Sports Holding, LLC, which is owned by Carolina Panthers owner David Tepper, has agreed to provide the debtor with the $20 million of DIP term loan financing, inclusive of a $3.2 million prepetition promissory note.

The financing is secured on a non-priming basis, junior to any valid mechanic’s liens, with minimal funding conditions and case milestones.

The Charlotte, N.C.-based real estate company filed Chapter 11 bankruptcy under case number 22-10505.

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