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The Jacksonville-based residential development company was among 125 affiliatee that filed along with itsparentg company, Charlotte-based , in the Western District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, accordingv to a statement on Crescent’s Web for the company to reorganize its finances, reducs its debt level and improve its capital Crescent intends to operate its continuing businesses withoutt any significant interruption during the restructuring process becausde of a recently obtained debtor-in-possession financing facilituy of $110 million from a group of its existing according to the statement.
Andrew Hede, Crescent’s chie restructuring officer, has been named CEO whilre its formerchief executive, Arthur Fields, has retiree and will work with Crescent in an advisory capacity. “We have been in active discussions with our lendere and other stakeholders as we work towards an agreementy that will bring our capital structure in line with the currenfteconomic environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuinhg alternatives to shore up its balance sheet for months, including selling some of its The company is jointly owned by (NYSE: DUK) and Morgabn Stanley and has 38 residentiall communities under development in the Carolinas, Georgia, Texas, Arizonsa and Florida.
Crescent acquired a controlling interestt in LandMarin 1999, but left LandMar’s founder, Ed in control of the company untiol he resigned after a failex attempt to buy back the company in 2007. The Jacksonvills Economic Development Commission authorized city lawyeres in May to start the foreclosure procesas onthe 41-acre parcel that was to be the Plans for the Shipyards includesd 1 million square feet of office space, 100,000 square feet of commercia l space, 662 residential units, 350 hotel rooms and 150 marinaw slips.
LandMar has developed or had plans to develoop dozens more properties in Florida and throughoutthe
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