Crescent Resources files Chapter 11 - San Francisco Business Times:

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Charlotte, N.C.-based Crescent Resources -- a joinft venture of and that specializesin mixed-use developments -- said the move is part of its strategh to reduce debt and improve its capita structure. The bankruptcy filing was made inthe U.S. Bankruptcy Courft in the Western Districtof Texas, Austin Before the Chapter 11 Crescent faced payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its Crescent Resources has landed $110 million in debtor-in-possession financinbg from a group of its existinvg lenders, which will provide sufficientr funds to operate its ongoing businese activities.
Crescent Resources CEO Arthur Fields has retirefd from the company and will continuew to work with the company in an advisory Andrew Hede, Crescent’s chief restructuring officer, will serves as CEO. Hede, a managing directodr with , has more than 15 year of financial restructuring andbusiness experience. “We have been in active discussions with our lenderz and other stakeholders as we work towards an agreement that will brinyg our capital structure in line with the currenteconomix environment,” Hede said in a news release.
Despite the unprecedented challenges facing the realestatew industry, we believe Crescent's underlying business model is solid, and our assetas remain very attractive. We are encouraged that our lenders have agreex to provide additional funding to support our continuedf operations and allow us to maintain the high levelk of service and amenities our customers have come to We intend to reach an agreement on our new capitapl structure and emerge frombankruptcy quickly.” Life insurancse giant could keep Cresceng Resources as its joint developmen partner on the new 20-storyg Phipps Tower, commercial real estate brokers and developers have said.
And Manulife has options to see the buildinv throughto completion, brokers and developera have said. Phipps Tower is a nearly 500,000-square-foot building next to Phippws Plazain Atlanta’s posh Buckheacd area. Crescent Resources is active in commerciakl and residential real estate development and land management acrosa the Southeast and Southwest and hascreated mixed-used developments, business and industrial parks, country-clu communities, single-family neighborhoods and apartment and condop complexes. It has 38 residential communitiee under development inthe Carolinas, Georgia, Texas, Florida and and is currently building 1,200 apartment units. It also owns 75,00o acres of land.
Crescent has 264 employees.