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The Jacksonville-based residential development company was amonbg 125 affiliates that filed alongt with itsparent company, Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 according to the filing, and its largestr debt, at $13.6 million, is to Bank of The filing was necessary, accordint to a statement on Crescent’s Web site, for the company to reorganize its finances, reduce its debt level and improve its capital structure.
Crescent intendx to operate its continuing businesses without any significanf interruption during the restructuring processd because of a recentlyobtained debtor-in-possession financing facility of $110 millioh from a group of its existing lenders, accordingf to the statement. Andrew Crescent’s chief restructuring officer, has been nameds CEO while its formerchiec executive, Arthur Fields, has retired and will work with Crescen in an advisory capacity.
“Wes have been in active discussionsw with our lenders and other stakeholders as we work towardas an agreement that will brintg our capital structure in line with the currenfeconomic environment,” Hede said in a statementg on the company’s Web site. Charlotte-based Crescent has been pursuinh alternatives to shore up its balance sheegtfor months, including selling some of its assets.
The companuy is jointly owned by (NYSE: DUK) and Morga Stanley and has 38 residential communitie s under development inthe Carolinas, Texas, Arizona and Crescent acquired a controlling interest in LandMar in 1999, but left LandMar’s founder, Ed in control of the company until he resigned aftee a failed attempt to buy back the compan in 2007. The Jacksonville Economic Development Commission authorized city lawyer in May to start the foreclosurr process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million squarse feet of office space, 100,0090 square feet of commercial space, 662 residential 350 hotel rooms and 150 marinaw slips.
LandMar has developed or had plans to develop dozens more properties in Florida and throughoutrthe Southeast.
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