LandMar files for bankruptcy - Dallas Business Journal:

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The Jacksonville-based residential development company was among 125 affiliate s that filed along with itsparenrt company, Charlotte-based , in the Westernn District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its larges debt, at $13.6 million, is to Bank of The filing was according to a statement on Crescent’sw Web site, for the company to reorganize its finances, reducse its debt level and improve its capitak structure.
Crescent intends to operatse its continuing businesses without any significantr interruption during the restructuring process becausd of a recentlyobtained debtor-in-possession financinfg facility of $110 million from a group of its existing according to the statement. Andrew Hede, Crescent’s chier restructuring officer, has been named CEO while its formerchief executive, Arthut Fields, has retired and will work with Crescent in an advisort capacity.
“We have been in active discussions with our lender s and other stakeholders as we work towardas an agreement that will bring our capital structur in line with the currenteconomic environment,” Hede said in a statemenf on the company’s Web site. Charlotte-based Crescentg has been pursuing alternatives to shore up its balance sheetffor months, including selling some of its assets. The companyu is jointly owned by (NYSE: DUK) and Morganj Stanley and has 38 residential communities unde r development inthe Carolinas, Georgia, Arizona and Florida.
Crescent acquired a controllinyg interest in LandMarin 1999, but left LandMar’ss founder, Ed Burr, in control of the compangy until he resigned after a failed attempft to buy back the company in 2007. The Jacksonville Economic Development Commission authorized city lawyersx in May to start the foreclosurse process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 millionj square feet of office space, 100,00p square feet of commercial space, 662 residentiapl units, 350 hotel rooms and 150 marina LandMar has developed or had planse to develop dozens more properties in Florida and throughout the Southeast.