LandMar files for bankruptcy - Charlotte Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatesz that filed along with itsparent company, Charlotte-based , in the Wester District of Texas. Crescent’s estimated liabilitiesw are morethan $1 billion, according to the and its largest at $13.6 million, is to Bank of The filing was necessary, accordinbg to a statement on Crescent’s Web for the company to reorganize its finances, reduce its debt levelo and improve its capital structure.
Crescenty intends to operate its continuing businesses without any significanty interruption during the restructuring processw because of a recentlyobtained debtor-in-possession financin facility of $110 million from a groulp of its existing lenders, accordin g to the statement. Andrew Hede, Crescent’s chiefd restructuring officer, has been named CEO while its formechief executive, Arthur Fields, has retired and will work with Crescenty in an advisory capacity.
“Wee have been in active discussions with our lenderzs and other stakeholders as we work towards an agreement that will bringy our capital structure in line with the current economic Hede said in a statement onthe company’se Web site. Charlotte-based Crescent has been pursuin alternatives to shore up its balancs sheetfor months, including selling some of its assets. The companhy is jointly owned by DUK) and Morgan Stanley and has 38 residential communities undee development inthe Carolinas, Texas, Arizona and Crescent acquired a controlling interesrt in LandMar in 1999, but left LandMar’s founder, Ed in control of the company until he resigned after a failedx attempt to buy back the company in 2007.
The Jacksonvillee Economic Development Commission authorized city lawyer in May to start the foreclosure process onthe 41-acre parce that was to be the Plans for the Shipyards included 1 million squard feet of office space, 100,000 square feet of commercial space, 662 residential units, 350 hotel rooms and 150 marinaa slips. LandMar has developee or had plans to develoo dozens more properties in Florida and throughoutthe Southeast.