LandMar files for bankruptcy - Business First of Buffalo:

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The Jacksonville-based residential development company was amonvg 125 affiliates that filed along with itsparent company, Charlotte-baserd , in the Western District of Crescent’s estimated liabilities are more than $1 billion, according to the filing, and its largesf debt, at $13.6 million, is to Bank of The filing was necessary, accordinf to a statement on Crescent’s Web site, for the companyu to reorganize its finances, reduce its debt levepl and improve its capital Crescent intends to operate its continuing businesses withou any significant interruption during the restructuring process because of a recentlyh obtained debtor-in-possession financing facility of $110 million from a groulp of its existing lenders, accordinyg to the statement.
Andrew Hede, Crescent’s chief restructuring officer, has been namedr CEO while its formerchief executive, Arthutr Fields, has retired and will work with Crescent in an advisorhy capacity. “We have been in active discussions with our lenders and other stakeholders as we work towardas an agreement that will bring our capitalo structure in line with the currentgeconomic environment,” Hede said in a statement on the company’sz Web site. Charlotte-based Crescent has been pursuing alternatives to shorer up its balance sheetfor months, includinbg selling some of its assets.
The companhy is jointly owned by DUK) and Morgan Stanley and has 38 residentialk communities under development inthe Carolinas, Texas, Arizona and Crescent acquired a controlling interest in LandMar in but left LandMar’s Ed Burr, in controkl of the company until he resigne after a failed attempr to buy back the company in 2007. The Jacksonvill e Economic Development Commission authorized city lawyers in May to stary the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million square feet of officde space, 100,000 square feet of commerciaol space, 662 residential units, 350 hotel room s and 150 marina slips.
LandMar has developed or had plansw to develop dozens more properties in Florida and throughoutthe