LandMar files for bankruptcy - Orlando Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatex that filed along with itsparenr company, Charlotte-based , in the Western Districtr of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, according to a statementf on Crescent’s Web site, for the company to reorganize its finances, reduces its debt level and improve its capitao structure.
Crescent intends to operate its continuing businessese without any significant interruption during the restructuring procese because of a recentlyobtained debtor-in-possession financing facilityh of $110 million from a group of its existinyg lenders, according to the statement. Andrew Hede, Crescent’sa chief restructuring officer, has been named CEO while its formechief executive, Arthur Fields, has retired and will work with Crescenft in an advisory capacity.
“W have been in active discussionsa with our lenders and othere stakeholders as we work towards an agreemenr that will bring our capital structurs in line with the currenteconomiv environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shoree up its balance sheet for months, includingt selling some of its The company is jointly owned by (NYSE: DUK) and Morgan Stanlety and has 38 residentia l communities under development in the Georgia, Texas, Arizona and Florida.
Crescent acquired a controllinb interest in LandMar in butleft LandMar’s founder, Ed Burr, in control of the companty until he resigned after a failefd attempt to buy back the company in 2007. The Jacksonvilled Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acrse parcel that was to be the Shipyards. Plansz for the Shipyards included 1 million square feet ofoffice 100,000 square feet of commercial 662 residential units, 350 hotel rooms and 150 marina slips. LandMa has developed or had plans to develoop dozens more properties in Florida and throughoutythe Southeast.