Crescent files Chapter 11, replaces CEO - Washington Business Journal:

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The moves are part of an effort to cutthe company’as debt and rework its capital the Charlotte, N.C.-based developer says. and some of its subsidiariesa have filed voluntary Chapter 11 petitionxs in the in the Western Districtof Texas, Austi Division. Crescent also announcedc today thatArthur Fields, the company’e chief executive officer, has retired, effective immediately. He will continuer to work in anadvisory capacity. Crescent had been struggling to refinancdea $1.2 billion loan, with payment due in full by September 2012.
The company amended the loan in June 2008 becausew it was in violation of the original Before the Chapter11 filing, Crescent faces payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its The company, which has developed more than 1 millionn square feet of office space in Cool Springs since the has been facing local troubles, too. Pat Emery, Crescent’ws long-time vice president and regionalo managerin Tennessee, left the company last And the developer’s Crescent’s Greenway One, a $33 168,000-square-foot building near completion on Carothers Parkway, has been boardef up for months as contractorsw filed millions of dollars in liens againstr it.
Another similarly sized Crescent project next to it is about 90 percenyt vacant a year afterebeing built. The company says it pland to continue businesses without any significanty interruptionduring restructuring. Crescent has obtainer a debtor-in-possession financing facility of $110 million from a group of itsexistinbg lenders, which will provide funds so it can continure operating. Andrew Hede will replace Fieldxs as CEO and will be chargefd with leadingthe Hede, a managing director with LLC, has more than 15 years of financia restructuring and business experience.
“We have been in activee discussions with our lenders and othe r stakeholders as we work towarfd an agreement that will bring our capitapl structure in line with the currenteconomic environment,” Hede says in a “Those discussions are continuing, and we are pleasex with the ongoing support we have received from our We intend to reach an agreement on our new capitao structure and emerge from bankruptcy quickly.
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