Crescent Resources files Chapter 11 - Minneapolis / St. Paul Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a joint venture of and that specializesxin mixed-use developments -- said the move is part of its strategyh to reduce debt and improved its capital structure. The bankruptcy filingh was made inthe U.S. Bankruptc Court in the Western Districtof Texas, Austinb Division. Before the Chapter 11 Crescent faced paymentsof $50 millio by the end of this year, $75 million in 2010 and $100 million in 2011 on its Crescent Resources has landed $110 million in debtor-in-possession financingh from a group of its existing lenders, whic h will provide sufficient funds to operatee its ongoing business activities.
Crescent Resources CEO Arthur Fields has retirec from the company and will continue to work with the companty in anadvisory capacity. Andrew Hede, Crescent’s chiefc restructuring officer, will serve as CEO. a managing director with , has more than 15 yeard of financial restructuring andbusiness experience. “Wes have been in active discussions with our lenders and othe r stakeholders as we work towards an agreement that will brinbg our capital structure in line with the currenteconomicx environment,” Hede said in a news “...
Despite the unprecedented challenges facing the real estate industry, we believe Crescent's underlying businesw model is solid, and our assets remain very attractive. We are encouraged that our lenders have agreeed to provide additional funding to supporty our continued operations and allows us to maintain the high level of service and amenitie our customers have cometo expect. We intend to reacu an agreement on our new capital structurwe and emerge frombankruptcy quickly.” Life insurance gian could keep Crescent Resources as its join development partner on the new 20-story Phippsx Tower, commercial real estate brokerss and developers have said.
And Manulife has optionas to see the building through to brokers and developershave said. Phipps Towerd is a nearly 500,000-square-foot buildinf next to Phipps Plazain Atlanta’s posh Buckhead area. Crescen Resources is active in commerciall and residential real estate development and land management acrosxs the Southeast and Southwest and hascreated mixed-usee developments, business and industrial parks, country-club single-family neighborhoods and apartment and condoi complexes. It has 38 residential communities under developmengt inthe Carolinas, Texas, Florida and Arizona, and is currently buildinf 1,200 apartment units. It also owns 75,009 acres of land.
Crescent has 264