LandMar files for bankruptcy - Jacksonville Business Journal:

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The Jacksonville-based residential developmenrt company was among 125 affiliatesz that filed along with itsparent Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 billion, according to the filing, and its largest debt, at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’ss Web site, for the company to reorganize its finances, reducw its debt level and improve its capital Crescent intends to operat e its continuing businesses without any significan interruption during the restructuring process becausee of a recently obtained debtor-in-possessionh financing facility of $110 million from a groulp of its existing lenders, according to the statement.
Andre Hede, Crescent’s chief restructuring officer, has been named CEO whilr its former chief Arthur Fields, has retired and will work with Crescent in an advisor y capacity. “We have been in active discussions with our lenderes and other stakeholders as we work towardsw an agreement that will brint our capital structure in line with the currentteconomic environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuing alternativews to shore up its balance sheet for including selling some of its assets.
The compang is jointly owned by (NYSE: DUK) and Morgan Stanleuy and has 38 residential communities under development inthe Georgia, Texas, Arizona and Florida. Crescent acquired a controlling interest in LandMarin 1999, but left LandMar’sx founder, Ed Burr, in control of the compang until he resigned after a failec attempt to buy back the companyu in 2007. The Jacksonville Economic Development Commission authorized city lawyers in May to starg the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards includede 1 million square feet of office space, 100,000 square feet of commercial 662 residential units, 350 hotel rooms and 150 marinas slips.
LandMar has developed or had plans to develo p dozens more properties in Florida and throughoutgthe Southeast.