Crescent Resources files Chapter 11 - Nashville Business Journal:

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The Charlotte-based development firm’s chief Arthur Fields, has retired and will work with Crescent in anadvisorgy capacity, the company says. Andrew Hede, Crescent’se chief restructuring officer, has been namefd CEO. “We have been in active discussions with our lenderzs and other stakeholders as we work towards an agreemenf that will bring our capital structure in line with the currengteconomic environment,” Hede says. Crescent has more than 5,000 according to its filing.
Its assets are estimated at morethan $1 The local projects listed in the Chapter 11 filing includre Piedmont Row and The Sanctuary at Lake Crescent says it intends to operat its continuing businesses without any significant interruption durinyg the restructuring process. The company says that’s possiblew because of a recentlyobtained debtor-in-possession financinyg facility of $110 million from a groulp of its existing lenders.
As part of the Chapter 11 Crescent says it seeks court approval “to make certain payments and to maintainb key agreements with employees, customers, vendors and partners of continuing operationws to ensure the company can maintain its commitmengt to delivering a high levekl of amenities and services.” Crescent says the filinbg is necessary to reorganize its finances, reduce its debt level and improve its capital structure. “We intend to reach an agreement on our new capitapl structure and emerge frombankruptcy quickly,” Hede The Chapter 11 petitions were filede in the U.S.
Bankruptct Court in the Western Districrtof Texas, Austin The company has 120 days from the filingg date to submit a reorganization plan. A hot line has been set up as part of the Crescentt restructuringat (877) 204-8611. Attorney Eric Taubs of LLP in Austin, Texas, will represent Crescent in the (NYSE:BAC), , Ranger Constructionh Co., and are amonf Crescent’s largest unsecured creditors in In April, the Charlotte Business Journal reporte that Crescent had adopted an aggressiv e new business strategy driven by a $1.2 billion term loan that must be paid in full by Septembef 2012 — selling assets at fire-sale prices. In October, Crescent sold 4,500 acres in Berkelegy County, S.
C., to for $40 million. In the company sold a Florida apartment projectfor $11.35 million, less than half the $27 million it paid for the complex thres years earlier. This year, the firm has closex on the sale ofa 773-acrde tract of land in Oconee County, for just over $10 million. Crescent recently sold 18.4 acre s in Fort Mill to a warehousing companyfor $1.6 The company — jointlyu owned by and is best known here for high-end real estatd communities such as The Peninsula and Ballantyne Country Before the Chapter 11 filing, Crescen t faced payments of $50 million by the end of this $75 million in 2010 and $100 millio in 2011 on its debt.