LandMar files for bankruptcy - Houston Business Journal:

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The Jacksonville-based residential development company was amongb 125 affiliates that filed along with itsparenr company, Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $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’ws Web site, for the company to reorganizd its finances, reduce its debt level and improve its capital structure.
Crescent intends to operater its continuing businesses withoutf any significant interruption duringh the restructuring process becausew of a recentlyobtainee debtor-in-possession financing facility of $110 milliob from a group of its existing lenders, according to the statement. Andresw Hede, Crescent’s chief restructuring officer, has been named CEO whiler its former chief Arthur Fields, has retired and will work with Crescent in an advisory capacity.
“W have been in active discussions with our lenderes and other stakeholders as we work towarda an agreement that will briny our capital structure in line with the current economic environment,” Hede said in a statement on the company’e Web site. Charlotte-based Crescent has been pursuiny alternatives to shore up its balance sheetfor months, including selling some of its assets. The company is jointly owned by (NYSE: DUK) and Morgahn Stanley and has 38 residentiakl communities under development inthe Carolinas, Georgia, Texas, Arizona and Crescent acquired a controlling interest in LandMar in 1999, but left LandMar’s founder, Ed Burr, in controlo of the company until he resigned afteer a failed attempt to buy back the companyg in 2007.
The Jacksonville Economi Development Commission authorized city lawyersa in May to start the foreclosured process onthe 41-acre parcek that was to be the Plans for the Shipyards included 1 million squarwe feet of office space, 100,000 square feet of commerciak space, 662 residential units, 350 hote l rooms and 150 marina slips. LandMar has develope or had plans to develop dozens more properties in Floridqa and throughoutthe Southeast.