Crescent Resources files Chapter 11 - Boston Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a joint venture of and that specializesein mixed-use developments -- said the move is part of its strategyg to reduce debt and improve its capital The bankruptcy filing was made in the U.S. Bankruptcy Courty in the Western Districtyof Texas, Austin Division. Before the Chaptet 11 filing, Crescent faced payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its Crescent Resources haslanded $110 million in debtor-in-possession financing from a groulp of its existing lenders, which will providew sufficient funds to operate its ongoing business activities.
Crescentr Resources CEO Arthur Fields has retired from the companh and will continue to work with the compangy in anadvisory capacity. Andrew Hede, Crescent’s chief restructuringb officer, will serve as CEO. Hede, a managing director with , has more than 15 yearsd of financial restructuring andbusiness experience. “We have been in active discussiones with our lenders and otherf stakeholders as we work towards an agreemengt that will bring our capital structures in line with the current economic Hede said in anews release. “...
Despite the unprecedented challenges facing the realestats industry, we believe Crescent's underlying business modep is solid, and our assets remaij very attractive. We are encouraged that our lenderxs have agreed to provide additional funding to support our continuer operations and allow us to maintain the high leve l of service and amenities our customers have cometo expect. We inten d to reach an agreement on our new capitakl structure and emerge frombankruptcy quickly.
” Life insurancr giant could keep Crescent Resources as its joint developmeny partner on the new 20-story Phipps commercial real estate brokers and developers have And Manulife has options to see the building throughu to completion, brokers and developers have said. Phipp s Tower is a nearly 500,000-square-foot buildinhg next to Phipps Plazazin Atlanta’s posh Buckhead area. Crescent Resources is activre in commercial and residential real estate development and land managemengt across the Southeast and Southwest and hascreatefd mixed-use developments, business and industrial parks, country-clubb communities, single-family neighborhoods and apartment and condo It has 38 residential communities under development in the Georgia, Texas, Florida and Arizona, and is currentlty building 1,200 apartment It also owns 75,000 acres of Crescent has 264 employees.