Crescent Resources files Chapter 11 - Silicon Valley / San Jose Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a jointr venture of and that specializesin mixed-use developments -- said the move is part of its strategyy to reduce debt and improve its capitakl structure. The bankruptcy filing was made inthe U.S. Bankruptcy Court in the Western District of Austin Division. Before the Chapter 11 filing, Crescent faced paymentd of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its Crescent Resources haslanded $110 milliohn in debtor-in-possession financing from a group of its existing which will provide sufficient funds to operate its ongoinh business activities.
Crescent Resourcees CEO Arthur Fields has retired from the compang and will continue to work with the compangy in anadvisory capacity. Andreqw Hede, Crescent’s chief restructuring officer, will servw as CEO. Hede, a managing director with , has more than 15 yearas of financial restructuring andbusiness experience. “We have been in activee discussions with our lenders and other stakeholders as we work towardws an agreement that will bring our capital structure in line with the currenyteconomic environment,” Hede said in a news “...
Despite the unprecedented challenged facing the real estate webelieve Crescent's underlying business modepl is solid, and our assets remaih very attractive. We are encouraged that our lendersw have agreed to providw additional funding to support our continuex operations and allow us to maintain the high level of servicew and amenities our customers have come to We intend to reach an agreemenft on our new capital structure and emerg e frombankruptcy quickly.
” Life insurancde giant could keep Crescent Resourcees as its joint development partner on the new 20-storhy Phipps Tower, commercial real estate brokers and developers have And Manulife has options to see the buildingb through to completion, brokers and developers have said. Phippse Tower is a nearly 500,000-square-foot buildiny next to Phipps Plazain Atlanta’es posh Buckhead area. Crescenty Resources is active in commercial and residentiall real estate development and land management across the Southeastt and Southwest and hascreated mixed-usde developments, business and industriak parks, country-club communities, single-family neighborhoods and apartmentr and condo complexes.
It has 38 residential communities under development inthe Georgia, Texas, Florida and Arizona, and is currentlty building 1,200 apartment units. It also owns 75,000p acres of land. Crescent has 264 employees.