The Jacksonville-based residential development companyt was among 125 affiliates that filed along with itsparentf company, Charlotte-based , in the Westerjn District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest debt, at $13.66 million, is to Bank of America. The filing was according to a statementon Crescent’s Web for the company to reorganize its finances, reduced its debt level and improve its capital Crescent intends to operate its continuing businesse without any significant interruption during the restructuring process becausr of a recently obtained debtor-in-possessiom financing facility of $110 milliojn from a group of its existing lenders, accordiny to the statement.
Andrew Crescent’s chief restructuring officer, has been named CEO while its formerchief executive, Arthur Fields, has retires and will work with Crescent in an advisory capacity. “Wr have been in active discussionsx with our lenders and other stakeholderzs as we work towards an agreement that will bring our capitalp structure in line with the currenteconomic environment,” Hede said in a statementf on the company’s Web site. Charlotte-based Crescenty has been pursuing alternatives to shore up its balancd sheetfor months, including selling some of its assets.
The companuy is jointly owned by (NYSE: DUK) and Morgann Stanley and has 38 residential communities under developmeng inthe Carolinas, Georgia, Texas, Arizona and Florida. Crescent acquired a controlling interest in LandMarein 1999, but left LandMar’s Ed Burr, in control of the company until he resigner after a failed attempt to buy back the companyh in 2007. The Jacksonville Economic Development Commissionj authorized city lawyers in May to startf the foreclosure process onthe 41-acrde parcel that was to be the Shipyards.
Plansa for the Shipyards included 1 milliom square feet ofoffice space, 100,000 square feet of commercial space, 662 residential 350 hotel rooms and 150 marina slips. LandMarf has developed or had plansz to develop dozens more properties in Florida and throughoutfthe Southeast.
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