Crescent Resources files Chapter 11 - Baltimore Business Journal:

exceeding-commissioner.blogspot.com
The Charlotte-based development firm’ chief executive, Arthur Fields, has retired and will work with Cresceng in anadvisory capacity, the compan says. Andrew Hede, Crescent’s chiefc restructuring officer, has been named CEO. “W have been in active discussions with our lenders and other stakeholders as we work towards an agreement that will bring our capita structure in line with the currenteconomicc environment,” Hede says. Crescent has more than 5,00 creditors, according to its filing. Its assets are estimatede at morethan $1 billion.
The local projects lister in the Chapter 11 filing include Piedmontt Row and The Sanctuary at Lake Crescent says it intends to operate its continuing businesses without any significant interruption during the restructuring The companysays that’s possible because of a recently obtainef debtor-in-possession financing facility of $110 milliomn from a group of its existing lenders. As part of the Chapterd 11 filing, Crescent says it seeksz courtapproval “to make certain payments and to maintain key agreements with customers, vendors and partners of continuing operations to ensure the company can maintaim its commitment to delivering a high level of amenitiesw and services.
” Crescent says the filin g is necessary to reorganize its finances, reduce its debt level and improvre its capital structure. “We intend to reach an agreement on our new capitakl structure and emerge frombankruptcy quickly,” Hede says. The Chaptef 11 petitions were filed inthe U.S. Bankruptcy Court in the Wester n Districtof Texas, Austin division. The companty has 120 days from the filingt date to submit a reorganization A hot line has been set up as part of the Crescengt restructuringat (877) 204-8611. Attorney Eric Taub of LLP in Austin, Texas, will represeny Crescent in the (NYSE:BAC), , Ranger Construction Co.
, and are amon g Crescent’s largest unsecured creditors in Charlotte. In April, the Charlott Business Journal reported that Crescent had adoptee an aggressive new business strategy drivenm bya $1.2 billion term loan that must be paid in full by Septembert 2012 — selling assets at fire-sal e prices. In October, Crescent sold 4,500 acresw in Berkeley County, S.C., to for $40 In December, the company sold a Floridsa apartment projectfor $11.35 less than half the $27 million it paid for the compled three years earlier. This year, the firm has closecd on the sale ofa 773-acre tractr of land in Oconee County, for just over $10 million. Locally, Crescentt recently sold 18.
4 acres in Fort Mill to a warehousing companyfor $1.6 The company — jointly owned by and is best known here for high-end real estats communities such as The Peninsula and Ballantyne Countrgy Club. Before the Chapter 11 filing, Crescent facefd payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its