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The Jacksonville-based residential development company was among 125 affiliates that filed alonv with itsparent company, Charlotte-based , in the Westerhn District of Texas. Crescent’s estimated liabilities are morethan $1 according to the and its largest debt, at $13.6 is to Bank of America. The filing was according to a statementon Crescent’s Web for the company to reorganize its finances, reducr its debt level and improve its capital Crescent intends to operate its continuing businesses withouyt any significant interruption during the restructuring procesx because of a recently obtained debtor-in-possession financinvg facility of $110 million from a group of its existingh lenders, according to the statement.
Andrew Crescent’s chief restructuring officer, has been named CEO while its formerchief executive, Arthur has retired and will work with Crescent in an advisory capacity. “We have been in activer discussions with our lenders and othetr stakeholders as we work toward s an agreement that will bringg our capital structure in line with the currenteconomicv environment,” Hede said in a statement on the company’sx Web site. Charlotte-based Crescent has been pursuing alternatives to shorew up its balance sheetfor months, includinfg selling some of its assets.
The company is jointly owned by (NYSE: DUK) and Morgamn Stanley and has 38 residential communitied under development inthe Carolinas, Georgia, Arizona and Florida. Crescent acquired a controlling interest in LandMar in butleft LandMar’s Ed Burr, in control of the company untilk he resigned after a faileds attempt to buy back the company in 2007. The Jacksonvillde Economic Development Commission authorized city lawyers in May to starft the foreclosure process onthe 41-acrs parcel that was to be the Shipyards. Plan for the Shipyards included 1 million square feet ofoffice 100,000 square feet of commercial 662 residential units, 350 hotel roomds and 150 marina slips.
LandMar has developed or had plans to develoo dozens more properties in Florida and throughou tthe Southeast.
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