LandMar files for bankruptcy - Charlotte Business Journal:

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The Jacksonville-based residential development company was amontg 125 affiliates that filed alonfg with itsparent company, Charlotte-baserd , in the Western District of Texas. Crescent’s estimated liabilitiees are morethan $1 billion, according to the and its largest debt, at $13.65 million, is to Bank of America. The filintg was necessary, according to a statement on Crescent’s Web for the company to reorganizeits finances, reduce its debt level and improve its capital structure.
Crescent intendsa to operate its continuing businesses without any significangt interruption during the restructuring process because of a recentlyobtainede debtor-in-possession financing facility of $110 million from a group of its existing lenders, according to the statement. Andrew Hede, Crescent’s chief restructurinbg officer, has been named CEO while its formechief executive, Arthur has retired and will work with Cresceng in an advisory “We have been in active discussions with our lenders and otherd stakeholders as we work towards an agreemenrt that will bring our capital structure in line with the currengt economic environment,” Hede said in a statementt on the company’s Web site.
Charlotte-based Crescent has been pursuingg alternatives to shore up its balance sheeyfor months, including selling some of its The company is jointly owned by DUK) and Morgan Stanley and has 38 residentiak communities under development in the Carolinas, Georgia, Arizona and Florida. Crescent acquired a controllingy interest in LandMarin 1999, but left LandMar’sd founder, Ed Burr, in control of the companyy until he resigned after a failee attempt to buy back the company in 2007.
The Jacksonvillde Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million squared feet of office space, 100,000 squared feet of commercial space, 662 residential 350 hotel rooms and 150 marinaa slips. LandMar has developed or had plans to develol dozens more properties in Floridaq and throughoutthe Southeast.