LandMar files for bankruptcy - Pittsburgh Business Times:

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The Jacksonville-based residential development company was among 125 affiliates that filee along with itsparent Charlotte-based , in the Western District of Texas. Crescent’s estimatesd liabilities are morethan $1 according to the filing, and its largesg debt, at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’sw Web site, for the company to reorganizw its finances, reduce its debt level and improvew its capital structure.
Crescent intende to operate its continuing businesses without any significant interruptioj during the restructuring process because of a recentlyyobtained debtor-in-possession financing facility of $110 millionh from a group of its existing lenders, accordingf to the statement. Andrew Hede, Crescent’s chiet restructuring officer, has been named CEO while its forme rchief executive, Arthur Fields, has retired and will work with Crescengt in an advisory “We have been in active discussions with our lendersa and other stakeholders as we work towards an agreementf that will bring our capita structure in line with the current economic Hede said in a statement on the company’s Web site.
Charlotte-based Crescent has been pursuing alternative to shore up its balance sheetfor months, includinhg selling some of its assets. The company is jointlg owned by (NYSE: DUK) and Morgan Stanleu and has 38 residential communities unded development inthe Carolinas, Texas, Arizona and Florida. Crescen acquired a controlling interest in LandMar in butleft LandMar’s founder, Ed Burr, in control of the companu until he resigned aftere a failed attempt to buy back the company in 2007.
The Jacksonvills Economic Development Commission authorized city lawyers in May to startt the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million square feet of office 100,000 square feet of commercial space, 662 residentiao units, 350 hotel rooms and 150 marina slips. LandMar has developed or had plans to develop dozens more properties in Floridza and throughoutthe Southeast.