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The Jacksonville-based residential development company was among 125 affiliates that filed along with itsparent company, Charlotte-based , in the Westerhn District of Texas. Crescent’s estimated liabilitie are morethan $1 according to the filing, and its largesg debt, at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’s Web for the company to reorganize its finances, reduce its debt levelp and improve its capital structure.
Crescent intendds to operate its continuing businesses without any significant interruptiom during the restructuring processe because of a recentlyobtained debtor-in-possession financing facilituy of $110 million from a group of its existin g lenders, according to the Andrew Hede, Crescent’s chief restructuring officer, has been named CEO whilew its former chief Arthur Fields, has retired and will work with Crescentg in an advisory capacity.
“We have been in activse discussions with our lenders and othe stakeholders as we work towards an agreementr that will bring our capital structure in line with the currentreconomic environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuingv alternatives to shore up its balance sheet for months, includingb selling some of its The company is jointlu owned by (NYSE: DUK) and Morgan Stanley and has 38 residentialp communities under development in the Carolinas, Georgia, Texas, Arizon a and Florida.
Crescent acquired a controllinvg interest in LandMarin 1999, but left LandMar’as founder, Ed Burr, in control of the compan until he resigned after a failef attempt to buy back the company in 2007. The Jacksonville Economic Development Commission authorized city lawyers in May to start the foreclosurre process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 millionm square feet of office space, 100,00 0 square feet of commercial 662 residential units, 350 hotel rooms and 150 marin a slips.
LandMar has developed or had plans to develop dozens more properties in Florids and throughoutthe
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