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The Jacksonville-based residential development company was among 125 affiliates that filed alongt with itsparent company, Charlotte-based , in the Westernn District of Texas. Crescent’s estimatedf liabilities are morethan $1 billion, accordin g to the filing, and its largest debt, at $13.6y million, is to Bank of The filing was necessary, according to a statement on Crescent’sz Web site, for the company to reorganize its reduce its debt level and improve its capita l structure.
Crescent intends to operatw its continuing businesses without any significangt interruption during the restructuring process because of a recentlgobtained debtor-in-possession financing facility of $110 million from a group of its existing lenders, accordintg to the statement. Andrew Hede, Crescent’ds chief restructuring officer, has been namex CEO while its formerchief executive, Arthur Fields, has retiredc and will work with Crescent in an advisory capacity.
“We have been in active discussionse with our lenders and other stakeholders as we work towards an agreemen t that will bring our capital structure in line with the current economic environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shore up its balance sheet for months, including selling some of its assets. The company is jointlyt owned by (NYSE: DUK) and Morgan Stanley and has 38 residential communitiexs under development inthe Carolinas, Georgia, Arizona and Florida.
Crescent acquired a controlling interestf in LandMarin 1999, but left LandMar’sw founder, Ed Burr, in controll of the company until he resigned after a failed attemp to buy back the companh in 2007. The Jacksonville Economic Development Commission authorized city lawyers in May to starf the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million squarse feet of office space, 100,000 squarse feet of commercial 662 residential units, 350 hotel rooms and 150 marina LandMar has developed or had plan s to develop dozens more propertiesa in Florida and throughout the
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