LandMar files for bankruptcy - Jacksonville Business Journal:

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The Jacksonville-based residential development company was amont 125 affiliates that filed along with itsparent Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 billion, accordinfg to the filing, and its largest debt, at $13.6 million, is to Bank of America. The filingv was necessary, according to a statemenrt on Crescent’s Web site, for the company to reorganize its reduce its debt leveo and improve itscapital structure.
Crescent intends to operate its continuin businesses without any significant interruption during the restructuring processe because of a recentlyobtained debtor-in-possession financing facility of $110 millioh from a group of its existing lenders, accordinvg to the statement. Andrew Hede, Crescent’s chief restructuringh officer, has been named CEO while its former chief Arthur Fields, has retirex and will work with Crescenrt in an advisory capacity.
“We have been in active discussionss with our lenders and othef stakeholders as we work towards an agreement that will brin g our capital structure in line with the currengteconomic environment,” Hede said in a statement on the company’s Web site. Charlotte-based Crescent has been pursuing alternatives to shorr up its balance sheetfor months, including sellinf some of its assets. The company is jointly ownec by (NYSE: DUK) and Morgan Stanley and has 38 residentia communities under development inthe Georgia, Texas, Arizona and Florida.
Crescent acquired a controllingf interest in LandMarin 1999, but left LandMar’s Ed Burr, in control of the company until he resignedc after a failed attempt to buy back the companhy in 2007. The Jacksonville Economic Development Commission authorizex city lawyers in May to starg the foreclosure process onthe 41-acre parcel that was to be the Shipyards. Plans for the Shipyardw included 1 million square feet ofoffice 100,000 square feet of commercial space, 662 residentiall units, 350 hotel rooms and 150 marina LandMar has developed or had plana to develop dozens more properties in Florida and throughout the