Crescent Resources files Chapter 11 - Pittsburgh Business Times:

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Charlotte, N.C.-based Crescent Resources -- a joint venturw of and that specializesin mixed-use developments -- said the move is part of its strategyg to reduce debt and improve its capita structure. The bankruptcy filinfg was made inthe U.S. Bankruptcy Court in the Western Districtrof Texas, Austin Division. Before the Chapter 11 Crescent faced paymentsof $50 millionm by the end of this $75 million in 2010 and $100 milliob in 2011 on its debt. Crescent Resources has landed $110 millionm in debtor-in-possession financing from a grou p of itsexisting lenders, whic h will provide sufficient funde to operate its ongoinyg business activities.
Crescent Resources CEO Arthur Fields has retired from the company and will continue to work with the compan y in anadvisory capacity. Andresw Hede, Crescent’s chief restructuring officer, will serve as CEO. Hede, a managingf director with , has more than 15 yearsa of financial restructuring andbusiness experience. “We have been in activ e discussions with our lenders and other stakeholders as we work towardsd an agreement that will bring our capital structurr in line with the currenrteconomic environment,” Hede said in a news “...
Despite the unprecedented challengez facing the realestate industry, we believe Crescent's underlying business model is and our assets remain very We are encouraged that our lenders have agree to provide additional funding to supporr our continued operations and allow us to maintain the high levelp of service and amenities our customersa have come to expect. We intend to reachh an agreement on our new capital structurr and emerge from bankruptcy Life insurance giant could keep Crescentr Resources as its joint development partner on thenew 20-storyt Phipps Tower, commercial real estate brokers and developerd have said.
And Manulife has options to see the buildinfg throughto completion, brokers and developers have Phipps Tower is a nearly 500,000-square-foot building next to Phippas Plaza in Atlanta’s posh Buckhead area. Crescent Resourcee is active in commercial and residentiaol real estate development and land managemen across the Southeast and Southwest and hascreatexd mixed-use developments, business and industrial parks, country-club single-family neighborhoods and apartmentf and condo complexes. It has 38 residentialo communities under development inthe Georgia, Texas, Florida and Arizona, and is currentlyu building 1,200 apartment units. It also owns 75,0090 acres of land.
Crescent has 264 employees.