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The Jacksonville-based residential development compang was among 125 affiliates that filed along with itspareny company, Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 billion, according to the filing, and its largest debt, at $13.66 million, is to Bank of America. The filing was necessary, accordinv to a statement on Crescent’s Web site, for the company to reorganizedits finances, reduce its debt levek and improve its capital structure.
Cresceng intends to operate its continuing businesses without any significant interruption durinh the restructuring process because of a recentlyobtained debtor-in-possessionb financing facility of $110 million from a groupo of its existing lenders, accordingt to the statement. Andrew Hede, Crescent’ws chief restructuring officer, has been namef CEO while its formerchierf executive, Arthur Fields, has retired and will work with Crescengt in an advisory capacity.
“We have been in activre discussions with our lenders and other stakeholders as we work towardss an agreement that will bringb our capital structure in line with the current economic environment,” Hede said in a statemengt on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shores up its balance sheet for months, including selling some of its The company is jointly owned by DUK) and Morgan Stanley and has 38 residentiapl communities under development in the Georgia, Texas, Arizona and Crescent acquired a controlling interest in LandMad in 1999, but left LandMar’s Ed Burr, in control of the company untikl he resigned after a failed attempt to buy back the compan in 2007.
The Jacksonville Economifc Development Commission authorized city lawyersz in May to start the foreclosure process onthe 41-acred parcel that was to be the Shipyards. Plands for the Shipyards included 1 million squarre feet ofoffice space, 100,00 square feet of commercial 662 residential units, 350 hotel rooms and 150 marina slips. LandMar has developefd or had plans to develop dozens more propertiezs in Florida and throughoutthe
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