LandMar files for bankruptcy - Philadelphia Business Journal:

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The Jacksonville-based residential development company was amon 125 affiliates that filed along with itsparentf company, Charlotte-based , in the Westernn District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largesy debt, at $13.6 million, is to Bank of The filing was necessary, accordingb to a statement on Crescent’s Web site, for the compang to reorganize its finances, reduce its debt level and improve its capitaol structure.
Crescent intends to operate its continuingb businesses without any significant interruption duringb the restructuring process because of a recentluyobtained debtor-in-possession financing facility of $110 milliom from a group of its existiny lenders, according to the statement. Andres Hede, Crescent’s chief restructuring officer, has been named CEO while its former chief executive, Arthur Fields, has retired and will work with Crescenyt in an advisory capacity.
“We have been in active discussion s with our lenders and other stakeholders as we work towardsz an agreement that will bring our capitak structure in line with the current economic environment,” Hede said in a statementy on the company’s Web site. Charlotte-based Crescent has been pursuingt alternatives to shore up its balancwe sheetfor months, including selling some of its assets. The companyu is jointly owned by (NYSE: DUK) and Morgamn Stanley and has 38 residentia l communities under development inthe Carolinas, Georgia, Texas, Arizonaa and Florida.
Crescent acquired a controlling interest in LandMaein 1999, but left LandMar’s founder, Ed in control of the companhy until he resigned after a failesd attempt to buy back the company in 2007. The Jacksonvilles Economic Development Commission authorized city lawyers in May to stargt the foreclosure process onthe 41-acre parcelo that was to be the Shipyards. Planz for the Shipyards included 1 million squarde feet ofoffice space, 100,000 square feet of commercialo space, 662 residential units, 350 hotel rooms and 150 marinqa slips. LandMar has developed or had plans to developp dozens more properties in Floridqa and throughoutthe Southeast.