Crescent Resources files Chapter 11 - Pacific Business News (Honolulu):

ejoxot.wordpress.com
Charlotte, N.C.-based Crescent Resources -- a joing venture of and that specializesin mixed-use developments -- said the move is part of its strategy to reduce debt and improve its capital structure. The bankruptcyu filing was made inthe U.S. Bankruptcy Court in the Western Districtof Texas, Austin Before the Chapter 11 filing, Crescent faced payments of $50 milliojn by the end of this $75 million in 2010 and $100 million in 2011 on its Crescent Resources has landed $110 million in debtor-in-possession financingt from a group of its existing which will provide sufficient funds to operate its ongoingh business activities.
Crescent Resources CEO Arthur Fields has retiree from the company and will continue to work with the companyt in anadvisory capacity. Andrew Hede, Crescent’s chief restructuring officer, will served as CEO. Hede, a managing director with , has more than 15 years of financial restructuring andbusinessz experience. “We have been in active discussionsd with our lenders and othe r stakeholders as we work towards an agreement that will bring our capital structur e in line with the currenteconomi environment,” Hede said in a news release.
Despite the unprecedented challenges facing the realestatr industry, we believe Crescent's underlying busineszs model is solid, and our assets remainm very attractive. We are encouraged that our lenders have agreed to provids additional funding to support our continued operations and allow us to maintaijn the high level of service and amenitiea our customers have cometo expect. We intend to reach an agreemenyt on our new capital structure and emerge frombankruptch quickly.” Life insurance giant could keep Crescent Resourcew as its joint development partner on the new 20-story Phippsz Tower, commercial real estate brokers and developers have said.
And Manulife has optionxs to see the building through to brokers and developershave said. Phipps Tower is a nearl y 500,000-square-foot building next to Phipps Plazain Atlanta’es posh Buckhead area. Crescent Resources is active in commerciakl and residential real estate developmeny and land management across the Southeastg and Southwest and hascreated mixed-use business and industrial parks, country-club communities, single-family neighborhoods and apartment and condo complexes. It has 38 residential communitiese under development inthe Carolinas, Texas, Florida and Arizona, and is currentlgy building 1,200 apartment It also owns 75,000 acres of Crescent has 264 employees.