LandMar files for bankruptcy - Houston Business Journal:

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The Jacksonville-based residential development company was amontg 125 affiliates that filed along with itsparent Charlotte-based , in the Western Distric of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, according to a statemenft on Crescent’s Web site, for the companyg to reorganize its finances, reduce its debt level and improvee its capital structure.
Crescent intends to operate its continuing businesses without any significant interruptiojn during the restructuring process because of a recentlyobtainex debtor-in-possession financing facility of $110 million from a grou of its existing lenders, according to the statement. Andrew Crescent’s chief restructuring officer, has been named CEO while its former chief Arthur Fields, has retired and will work with Crescent in an advisort capacity. “We have been in active discussions with our lenderas and other stakeholders as we work towards an agreemenyt that will bring our capital structurd in line with the current economic Hede said in a statement onthe company’s Web site.
Charlotte-based Crescentt has been pursuing alternatives to shore up its balance sheetfor months, including selling some of its assets. The companty is jointly owned by (NYSE: DUK) and Morgan Stanleh and has 38 residential communities under developmengt inthe Carolinas, Georgia, Texas, Arizonqa and Florida. Crescent acquires a controlling interest in LandMar in butleft LandMar’s founder, Ed Burr, in controlo of the company until he resigne after a failed attempt to buy back the companyg in 2007. The Jacksonville Economicc Development Commission authorized city lawyers in May to startt the foreclosure process onthe 41-acrde parcel that was to be the Shipyards.
Plans for the Shipyardsa included 1 million square feet ofoffice 100,000 square feet of commercial space, 662 residentialp units, 350 hotel rooms and 150 marina slips. LandMar has developedx or had plans to develoop dozens more properties in Florida and throughoutthe Southeast.