Crescent Resources files Chapter 11 - San Francisco Business Times:

yvejodo.wordpress.com
The Charlotte-based development firm’s chief executive, Arthud Fields, has retired and will work with Crescentt in anadvisory capacity, the companh says. Andrew Hede, Crescent’s chief restructuring officer, has been namedf CEO. “We have been in active discussionzs with our lenders and other stakeholders as we work towards an agreementg that will bring our capitapl structure in line with the currenteconomic environment,” Hede Crescent has more than 5,000 creditors, according to its filing. Its assetse are estimated at morethan $1 The local projects listed in the Chapter 11 filing include Piedmonty Row and The Sanctuarhy at Lake Wylie.
Crescent says it intends to operat its continuing businesses without any significant interruptiohn during the restructuring The companysays that’s possible because of a recently obtainesd debtor-in-possession financing facility of $110 milliom from a group of its existing As part of the Chapter 11 Crescent says it seeks court approval “tol make certain payments and to maintain key agreementes with employees, customers, vendors and partners of continuing operation to ensure the company can maintain its commitment to deliveringg a high level of amenities and Crescent says the filing is necessary to reorganiz its finances, reduce its debt level and improve its capitalo structure.
“We intend to reach an agreement on our new capitapl structure and emerge frombankruptcu quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptc Court in the Westermn Districtof Texas, Austin division. The company has 120 days from the filingf date to submit areorganization plan. A hot line has been set up as part of the Cresceny restructuringat (877) Attorney Eric Taube of LLP in Texas, will represent Crescent in the proceedings. , Ranger Construction Co., and are amont Crescent’s largest unsecured creditors in Charlotte. In the Charlotte Business Journal reported that Crescent had adopted an aggressive new business strategyu driven bya $1.
2 billionm term loan that must be paid in full by Septembef 2012 — selling assets at fire-saled prices. In October, Crescent sold 4,500 acrea in Berkeley County, S.C., to for $40 In December, the company sold a Florida apartmeny projectfor $11.35 million, less than half the $27 milliom it paid for the complex three year earlier. This year, the firm has closed on the sale ofa 773-acrew tract of land in Oconee S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousingv company for $1.6 million. The company — jointly owned by and — is best knowj here for high-end real estate communitieas such as The Peninsula and BallantyneCountry Club.
Before the Chaptert 11 filing, Crescent faced payments of $50 millio by the end of this $75 million in 2010 and $100 million in 2011 on its