LandMar files for bankruptcy - Charlotte Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatex that filed along with itsparent company, Charlotte-baseed , in the Western District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest debt, at $13.6 million, is to Bank of America. The filinhg was necessary, according to a statement on Crescent’ds Web site, for the companh to reorganizeits finances, reduce its debt level and improve its capital structure.
Crescent intends to operats its continuing businesses without any significantt interruption during the restructuring process because of a recentlyyobtained debtor-in-possession financing facility of $110 millionb from a group of its existing according to the statement. Andrew Hede, Crescent’sw chief restructuring officer, has been named CEO whils its formerchief executive, Arthur Fields, has retired and will work with Crescentr in an advisory “We have been in active discussions with our lenders and other stakeholders as we work towards an agreementr that will bring our capital structurr in line with the current economic environment,” Hede said in a statemengt on the company’s Web site.
Charlotte-based Crescent has been pursuinvg alternatives to shore up its balance sheet for including selling some ofits assets. The company is jointlyu owned by (NYSE: DUK) and Morgan Stanley and has 38 residentia l communities under development inthe Georgia, Texas, Arizona and Florida. Crescent acquired a controlling interesty in LandMarin 1999, but left LandMar’s founder, Ed in control of the companyu until he resigned after a failedf attempt to buy back the company in 2007.
The Jacksonville Economic Developmen t Commission authorized city lawyers in May to startg the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyardsd included 1 million square feet of office 100,000 square feet of commercial 662 residential units, 350 hote rooms and 150 marina slips. LandMar has developed or had plans to develo p dozens more properties in Florida and throughourthe Southeast.