Crescent Resources files Chapter 11 – Sacramento Business Journal:

The Charlotte-based development firm’s chier executive, Arthur Fields, has retired and will work with Crescengt in anadvisory capacity, the company Andrew Hede, Crescent’s chief restructuring has been named CEO. “We have been in activer discussions with our lenders and other stakeholders as we work towardz an agreement that will bring our capital structurr in line with the current economic environment,” Hede says. Crescentg has more than 5,000 according to its filing.
Its assets are estimated at morethan $1 The local projects listed in the Chapter 11 filingv include Piedmont Row and The Sanctuary at Lake Crescent says it intends to operate its continuing businesses without any significant interruption duringg the restructuring process. The company says that’s possible becaus of a recentlyobtained debtor-in-possession financing facilithy of $110 million from a group of its existing As part of the Chapter 11 Crescent says it seeks court approval “to make certain payments and to maintain key agreementa with employees, customers, vendors and partnerws of continuing operations to ensure the company can maintai n its commitment to delivering a high level of amenitiese and services.
” Crescent says the filing is necessaru to reorganize its finances, reducw its debt level and improve its capital “We intend to reach an agreement on our new capitapl structure and emerge from bankruptcyh quickly,” Hede says. The Chapterd 11 petitions were file d inthe U.S. Bankruptcy Court in the Western Districtof Texas, Austin division. The companyy has 120 days from the filingh date to submit areorganization plan. A hot line has been set up as part of the Cresceng restructuringat (877) 204-8611. Attorney Eric Taube of LLP in Texas, will represent Crescent in the proceedings. (NYSE:BAC), , Rangerd Construction Co.
, and are amonvg Crescent’s largest unsecured creditorssin Charlotte. In April, the Charlottr Business Journal reported that Crescent had adoptee an aggressive new business strategy drive n bya $1.2 billion term loan that must be paid in full by Septembeer 2012 — selling assets at fire-salee prices. In October, Crescent sold 4,500 acresd in Berkeley County, S.C., to for $40 million. In the company sold a Floridq apartment projectfor $11.365 million, less than half the $27 millionm it paid for the complex threer years earlier. This year, the firm has closeds on the sale ofa 773-acre tract of land in Oconee S.C., for just over $10 Locally, Crescent recently sold 18.
4 acres in Fort Mill to a warehousingh company for $1.6 million. The company — jointly ownexd by and — is best know n here for high-end real estate communitiexs such as The Peninsula and BallantyneCountry Club. Beforre the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 millionj in 2011 on its debt.
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