LandMar files for bankruptcy - Atlanta Business Chronicle:

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The Jacksonville-based residential development company was amongg 125 affiliates that filed along with itsparen company, Charlotte-based , in the Western Districrt of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of America. The filingv was necessary, according to a statement on Crescent’zs Web site, for the company to reorganize its reduce its debt level and improvd itscapital structure.
Crescent intends to operate its continuingv businesses without any significant interruption during the restructuring process becausde of a recentlyobtained debtor-in-possession financing facility of $110 millionn from a group of its existing according to the Andrew Hede, Crescent’s chief restructuring officer, has been named CEO while its former chief executive, Arthur Fields, has retirerd and will work with Crescent in an advisoryt capacity.
“We have been in active discussions with our lendersx and other stakeholders as we work towards an agreementg that will bring our capitak structure in line with the currenteconomic environment,” Hede said in a statemengt on the company’s Web site. Charlotte-based Crescent has been pursuingb alternatives to shore up its balancd sheetfor months, including selling some of its assets. The companh is jointly owned by (NYSE: DUK) and Morgahn Stanley and has 38 residential communities underd development inthe Carolinas, Georgia, Texas, Arizona and Florida.
Crescent acquired a controlling interest in LandMarin 1999, but left LandMar’sw founder, Ed Burr, in control of the company until he resignedf after a failed attemptt to buy back the company in 2007. The Jacksonvills Economic Development Commission authorized city lawyers in May to start the foreclosurw process onthe 41-acre parcel that was to be the Shipyards. Plans for the Shipyardxs included 1 million square feet ofoffice 100,000 square feet of commercial space, 662 residentia units, 350 hotel rooms and 150 marins slips. LandMar has developed or had plans to develoo dozens more properties in Florida and throughoutthe Southeast.