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The Jacksonville-based residential development company was amonvg 125 affiliates that filed along with itsparenr company, Charlotte-based , in the Western District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest debt, at $13.6 is to Bank of America. The filinh was necessary, according to a statement on Crescent’s Web for the company to reorganize its reduce its debt leve l and improve its capital Crescent intends to operate its continuinb businesses without any significant interruption during the restructurinyg process because of a recentl yobtained debtor-in-possession financing facility of $110 million from a group of its existing according to the statement.
Andrew Hede, Crescent’s chie restructuring officer, has been named CEO while its formerchief executive, Arthure Fields, has retired and will work with Crescent in an advisory capacity. “We have been in active discussions with our lenderzs and other stakeholders as we work towards an agreemenft that will bring our capital structure in line with the currentyeconomic environment,” Hede said in a statemen on the company’s Web site. Charlotte-based Crescenr has been pursuing alternatives to shore up its balance sheetfor months, including sellinf some of its assets.
The company is jointl owned by (NYSE: DUK) and Morgan Stanley and has 38 residentiap communities under development inthe Carolinas, Georgia, Texas, Arizonz and Florida. Crescent acquired a controllingv interest in LandMar in butleft LandMar’s founder, Ed in control of the company untilp he resigned after a failed attempt to buy back the compang in 2007. The Jacksonville Economic Development Commission authorized city lawyerss in May to startf the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 millio square feet of office space, 100,000 squard feet of commercial space, 662 residential units, 350 hotelp rooms and 150 marinsa slips.
LandMar has developed or had plans to developl dozens more properties in Florida and throughouttthe Southeast.
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