Crescent Resources files Chapter 11 - Triangle Business Journal:

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The Charlotte-based development firm’s chief executive, Arthur has retired and will work with Crescengt in anadvisory capacity, the companuy says. Andrew Hede, Crescent’s chief restructuringg officer, has been named CEO. “Wee have been in active discussions with our lendersz and other stakeholders as we work towardw an agreement that will bring our capital structur in line with the current economic Hede says. Crescent has more than 5,000 according to its filing.
Its assetsw are estimated at morethan $1 The local projects listed in the Chapter 11 filing include Piedmont Row and The Sanctuary at Lake Crescent says it intendsw to operate its continuing businessews without any significant interruption during the restructuring process. The company says that’sa possible because of a recentlyobtainedf debtor-in-possession financing facility of $110 milliobn from a group of its existiny lenders.
As part of the Chapter 11 filing, Crescent says it seeks court approval “to make certain paymentes and to maintain key agreementswith employees, vendors and partners of continuing operationsz to ensure the company can maintain its commitmen to delivering a high leve of amenities and services.” Crescent says the filingt is necessary to reorganize its reduce its debt level and improves its capital structure. “We intend to reach an agreemenft on our new capital structure and emerge frombankruptcy quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptcty Court in the Western Districtof Texas, Austin division.
The compan y has 120 days from the filing date to submit areorganizatiohn plan. A hot line has been set up as part of the Crescenft restructuringat (877) 204-8611. Attorney Eric Taubr of LLP in Texas, will represent Crescent in the proceedings. (NYSE:BAC), , Ranger Construction Co., and are among Crescent’s largestg unsecured creditorsin Charlotte. In the Charlotte Business Journal reportedf that Crescent had adopted an aggressive new business strategyu driven bya $1.2 billiom term loan that must be paid in full by September 2012 selling assets at fire-sale In October, Crescent sold 4,50o acres in Berkeley S.C., to for $40 million.
In December, the company sold a Floridaz apartment projectfor $11.35 million, less than half the $27 milliob it paid for the complex thre years earlier. This year, the firm has closed on the sale ofa 773-acrwe tract of land in Oconewe County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousinh company for $1.6 million. The company jointly owned by and is best known herefor high-ened real estate communities such as The Peninsulaq and Ballantyne Country Club. Before the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 milliohn in 2011 on its debt.