Crescent Resources files Chapter 11 - Charlotte Business Journal:

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The Charlotte-based development firm’se chief executive, Arthur Fields, has retired and will work with Crescent in anadvisor capacity, the company says. Andrew Hede, Crescent’s chiefd restructuring officer, has been named CEO. “We have been in activ e discussions with our lenders and other stakeholders as we work towardss an agreement that will bring our capital structure in line with the currentteconomic environment,” Hede says. Crescent has more than 5,00p0 creditors, according to its filing.
Its assets are estimate d at morethan $1 The local projects listed in the Chapter 11 filing includwe Piedmont Row and The Sanctuary at Lake Crescent says it intends to operatw its continuing businesses withouf any significant interruption during the restructuring process. The compan y says that’s possible because of a recentlyobtainedx debtor-in-possession financing facility of $110 millionn from a group of its existinbg lenders.
As part of the Chaptee 11 filing, Crescent says it seeks courtyapproval “to make certain payments and to maintain key agreementes with employees, customers, vendors and partners of continuing operationsa to ensure the company can maintain its commitmeny to delivering a high level of amenities and Crescent says the filing is necessary to reorganize its reduce its debt level and improvre its capital structure. “Wse intend to reach an agreement on our new capitapl structure and emerge from bankruptcy Hede says. The Chapter 11 petitions were filee inthe U.S. Bankruptcy Court in the Western Districtrof Texas, Austin division.
The company has 120 days from the filinbg date to submit a reorganization A hot line has been set up as part of the Crescenrt restructuringat (877) 204-8611. Attorney Eric Taube of LLP in Texas, will represent Crescent in the proceedings. , Ranger Construction Co., and are among Crescent’s largestg unsecured creditorsin Charlotte. In April, the Charlotts Business Journal reported that Crescent had adopted an aggressive new business strategyt driven bya $1.2 billion term loan that must be paid in full by Septembedr 2012 — selling assets at fire-sale In October, Crescent sold 4,500 acres in Berkeley County, S.C.
, to for $40 In December, the company sold a Florida apartmenrt project for $11.35 million, less than half the $27 milliojn it paid for the complex three years earlier. This year, the firm has closedr on the sale ofa 773-acre tract of land in Oconeew County, S.C., for just over $10 million. Crescent recently sold 18.4 acrews in Fort Mill to a warehousing companhfor $1.6 million. The company — jointly ownede by and — is best knownm here for high-end real estate communities such as The Peninsulw and BallantyneCountry Club.
Before the Chapterf 11 filing, Crescent faced payments of $50 milliomn by the end of this year, $75 millionh in 2010 and $100 million in 2011 on its