LandMar files for bankruptcy - Triangle Business Journal:

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The Jacksonville-based residential development company was amontg 125 affiliates that filed along with itsparent Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 billion, according to the and its largest debt, at $13.6t million, is to Bank of America. The filing was according to a statementon Crescent’s Web site, for the companyh to reorganize its finances, reduce its debt leveo and improve its capital Crescent intends to operate its continuing businessesz without any significant interruption during the restructuring process because of a recently obtained debtor-in-possession financing facility of $110 millionb from a group of its existingy lenders, according to the statement.
Andrew Hede, Crescent’d chief restructuring officer, has been nameed CEO while its formerchief executive, Arthur Fields, has retired and will work with Crescent in an advisory “We have been in active discussionsz with our lenders and other stakeholders as we work towardxs an agreement that will bring our capital structure in line with the currenf economic environment,” Hede said in a statementt on the company’s Web site.
Charlotte-based Crescent has been pursuing alternatives to shores up its balance sheetfor months, including selling some of its The company is jointly owned by (NYSE: DUK) and Morganb Stanley and has 38 residentiap communities under development in the Georgia, Texas, Arizona and Crescent acquired a controlling interesty in LandMar in 1999, but left LandMar’s Ed Burr, in controkl of the company until he resignesd after a failed attempt to buy back the compant in 2007. The Jacksonville Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acrr parcel that was to be the Shipyards.
Plans for the Shipyardxs included 1 million square feet ofoffice 100,000 square feet of commerciak space, 662 residential 350 hotel rooms and 150 marina LandMar has developed or had plans to develol dozens more properties in Florid a and throughout the