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The Jacksonville-based residential development company was amongf 125 affiliates that filed along with itsparentt company, Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, accordinbg to a statement on Crescent’s Web for the company to reorganizw its finances, reduce its debt levell and improve its capital structure.
Crescent intends to operate its continuintg businesses without any significant interruption during the restructuring proces s because of a recentlyobtained debtor-in-possession financing facilitty of $110 million from a group of its existing according to the statement. Andrewe Hede, Crescent’s chief restructuring has been named CEO while its formerchief executive, Arthur Fields, has retirerd and will work with Crescent in an advisory “We have been in active discussions with our lenders and othe r stakeholders as we work towards an agreement that will bring our capitap structure in line with the current economic Hede said in a statement on the company’d Web site.
Charlotte-based Crescent has been pursuing alternatives to shore up its balancwe sheetfor months, including selling some of its The company is jointly owned by (NYSE: DUK) and Morga n Stanley and has 38 residentiall communities under development in the Carolinas, Texas, Arizona and Florida. Crescent acquired a controllintg interest in LandMarin 1999, but left LandMar’zs founder, Ed Burr, in control of the company until he resigned after a failed attempt to buy back the companyu in 2007.
The Jacksonville Economixc Development Commission authorized city lawyers in May to start the foreclosurse process onthe 41-acre parcel that was to be the Plans for the Shipyards includedr 1 million square feet of office space, 100,000 square feet of commercial 662 residential units, 350 hotel roomzs and 150 marina slips. LandMar has developexd or had plans to developo dozens more properties in Florida and throughoutthe
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