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The Jacksonville-based residential development compan was among 125 affiliates that filed along with itsparenrt company, Charlotte-based , in the Western District of Texas. Crescent’s estimated liabilitiex are morethan $1 billion, accordingg to the filing, and its largest debt, at $13.6 is to Bank of The filing was necessary, according to a statement on Crescent’s Web for the company to reorganize its finances, reduces its debt level and improve its capital structure.
Crescent intends to operatr its continuing businesses without any significant interruption during the restructuring process because of a recentlyobtained debtor-in-possession financingg facility of $110 million from a group of its existing according to the statement. Andreew Hede, Crescent’s chief restructurin g officer, has been named CEO while its formerdchief executive, Arthur Fields, has retired and will work with Crescenrt in an advisory “We have been in activd discussions with our lenders and other stakeholders as we work towardsx an agreement that will bring our capita structure in line with the current economic Hede said in a statement on the company’w Web site.
Charlotte-based Crescent has been pursuing alternatives to shorde up its balance sheetfor months, including sellingv some of its assets. The company is jointly ownesd by (NYSE: DUK) and Morgan Stanley and has 38 residentialp communities under development inthe Carolinas, Texas, Arizona and Florida. Crescenrt acquired a controlling interest in LandMar in butleft LandMar’s founder, Ed Burr, in controlp of the company until he resigned aftet a failed attempt to buy back the company in 2007.
The Jacksonvillwe Economic Development Commission authorized city lawyers in May to start the foreclosurew process onthe 41-acre parcel that was to be the Plans for the Shipyards includerd 1 million square feet of office 100,000 square feet of commercial 662 residential units, 350 hotel rooms and 150 marina slips. LandMar has developed or had plans to develolp dozens more properties in Florida and throughoutthe
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