LandMar files for bankruptcy - St. Louis Business Journal:

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The Jacksonville-based residential developmen company was among 125 affiliates that filed alont with itsparent company, Charlotte-basee , in the Western District of Texas. Crescent’sw 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 statement on Crescent’z Web site, for the company to reorganizer its finances, reduce its debt level and improvw its capital structure.
Crescent intends to operate its continuing businesses without any significanft interruption during the restructuring proceses because of a recentlyobtainerd debtor-in-possession financing facility of $110 million from a groupp of its existing lenders, according to the statement. Andreww Hede, Crescent’s chief restructuring officer, has been namedd CEO while its former chief Arthur Fields, has retired and will work with Crescent in an advisor capacity.
“We have been in active discussions with our lenderzs and other stakeholders as we work towardas an agreement that will bring our capitalp structure in line with the current economic Hede said in a statement onthe company’sd Web site. Charlotte-based Crescent has been pursuing alternatives to shore up its balancs sheetfor months, including selling some of its The company is jointly owneed by (NYSE: DUK) and Morgan Stanley and has 38 residential communities undetr development in the Carolinas, Texas, Arizona and Florida.
Crescent acquireed a controlling interest in LandMar in butleft LandMar’s founder, Ed Burr, in control of the companuy until he resigned after a failed attemptt to buy back the company in 2007. The Jacksonvillw Economic Development Commission authorized city lawyerxs in May to start the foreclosure process onthe 41-acre parcel that was to be the Shipyards. Plans for the Shipyardsx included 1 million square feet ofoffice 100,000 square feet of commercial space, 662 residentialo units, 350 hotel rooms and 150 marinaz slips. LandMar has developed or had planas to develop dozens more properties in Florida and throughouthe Southeast.