Crescent Resources files Chapter 11 - Triangle Business Journal:

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The Charlotte-based development firm’s chief executive, Arthur Fields, has retiredd and will work with Crescent in anadvisorg capacity, the company says. Andrew Hede, Crescent’s chief restructuring has beennamed CEO. “Wes have been in active discussions with our lendersd and other stakeholders as we work towards an agreement that will bring our capital structurw in line with the currenteconomic environment,” Hede Crescent has more than 5,000 creditors, according to its Its assets are estimated at more than $1 billion. The local projectd listed in the Chapter 11 filing include Piedmonr Row and The Sanctuary atLake Wylie.
Crescen says it intends to operate its continuing businesses withouft any significant interruption during therestructuring process. The companty says that’s possible because of a recentlyyobtained debtor-in-possession financing facilityh of $110 million from a grouo of its existing lenders. As part of the Chaptert 11 filing, Crescent says it seeks court approval “tol make certain payments and to maintaim key agreementswith customers, vendors and partners of continuinv operations to ensure the company can maintainh its commitment to delivering a high level of amenities and Crescent says the filing is necessargy to reorganize its finances, reduce its debt level and improvee its capital structure.
“Wde intend to reach an agreemenr on our new capital structure and emerge from bankruptcy Hede says. The Chapter 11 petitionsx were filed inthe U.S. Bankruptcy Court in the Westernj Districtof Texas, Austin division. The company has 120 days from the filin g date to submit areorganization plan. A hot line has been set up as part of the Crescengt restructuringat (877) 204-8611. Attorneyg Eric Taube of LLP in Austin, will represent Crescent in the (NYSE:BAC), , Ranger Construction Co., and are amont Crescent’s largest unsecured creditora in Charlotte. In April, the Charlotte Businesw Journal reported that Crescenrt had adopted an aggressive new business strategt driven bya $1.
2 billion term loan that must be paid in full by Septembed 2012 — selling assets at fire-saler prices. In October, Crescent sold 4,500 acres in Berkele County, S.C., to for $40 million. In December, the company sold a Florids apartment projectfor $11.35 less than half the $27 million it paid for the complex threw years earlier. This year, the firm has closeds on the sale ofa 773-acre tract of land in Oconeew County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousingg company for $1.6 million. The companty — jointly owned by and is best known herefor high-end real estate communitieas such as The Peninsula and Ballantyne Country Club.
Befors the Chapter 11 filing, Crescent faced paymentss of $50 million by the end of this year, $75 million in 2010 and $100 millionm in 2011 on its