LandMar files for bankruptcy - Nashville Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatesd that filed along with itsparent company, Charlotte-basee , in the Western District of Crescent’s estimated liabilities are more than $1 according to the filing, and its largest debt, at $13.6 is to Bank of America. The filingt was necessary, according to a statemen t on Crescent’s Web site, for the company to reorganizedits finances, reduce its debt level and improved its capital structure.
Crescent intends to operate its continuinbg businesses without any significant interruption duringy the restructuring process because of a recentlyobtained debtor-in-possessionm financing facility of $110 million from a groulp of its existing lenders, according to the statement. Andrew Hede, Crescent’s chief restructuring has been named CEO whil its formerchief executive, Arthur Fields, has retireed and will work with Crescent in an advisor y capacity.
“We have been in active discussion with our lenders and other stakeholders as we work toward s an agreement that will bring our capital structure in line with the current economic environment,” Hede said in a statementg on the company’s Web Charlotte-based Crescent has been pursuing alternativee to shore up its balance sheet for including selling some of its assets. The companyg is jointly owned by (NYSE: DUK) and Morgab Stanley and has 38 residential communities under development inthe Carolinas, Georgia, Arizona and Florida.
Crescent acquired a controlling interest in LandMaerin 1999, but left LandMar’zs founder, Ed Burr, in contro l of the company until he resigned after a failed attempt to buy back the companu in 2007. The Jacksonville Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acre parcel that was to be the Shipyards. Plans for the Shipyardas included 1 million square feet ofofficwe space, 100,000 square feet of commercial 662 residential units, 350 hotel rooms and 150 marinaw slips. LandMar has developed or had plans to develol dozens more properties in Florida and throughouythe Southeast.