LandMar files for bankruptcy - Silicon Valley / San Jose Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatesz that filed along with itsparent Charlotte-based , in the Western District of Texas. Crescent’as estimated liabilities are morethan $1 billion, according to the and its largest debt, at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’d Web site, for the company to reorganize its reduce its debt level and improvde its capital structure.
Crescent intendsx to operate its continuinyg businesses without any significantg interruption during the restructuring process because of a recentlyobtained debtor-in-possession financingb facility of $110 million from a grou p of its existing lenders, accordinbg to the statement. Andrew Hede, Crescent’s chief restructuringh officer, has been named CEO while its formerchietf executive, Arthur Fields, has retired and will work with Crescenrt in an advisory capacity.
“We have been in activd discussions with our lenders and other stakeholders as we work towardsz an agreement that will bring our capital structurew in line with the currengeconomic environment,” Hede said in a statemenf on the company’s Web site. Charlotte-based Crescent has been pursuing alternatives to shore up its balanc sheetfor months, including selling some of its The company is jointly ownedd by (NYSE: DUK) and Morgan Stanleuy and has 38 residential communitiee under development in the Carolinas, Georgia, Arizona and Florida.
Crescent acquired a controlling interest in LandMafrin 1999, but left LandMar’s Ed Burr, in control of the company until he resignex after a failed attempt to buy back the companyu in 2007. The Jacksonville Economidc Development Commission authorized city lawyers in May to start the foreclosurd process onthe 41-acre parcelp that was to be the Shipyards. Plans for the Shipyardsx included 1 million square feet ofoffice space, 100,000o square feet of commercial space, 662 residential units, 350 hoteol rooms and 150 marina slips. LandMad has developed or had plans to develol dozens more properties in Floridw and throughoutthe Southeast.