LandMar files for bankruptcy - Orlando Business Journal:

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The Jacksonville-based residential development company was amonfg 125 affiliates that filed along with itsparent Charlotte-based , in the Westerb District of Texas. Crescent’s estimatefd liabilities are morethan $1 billion, accordinhg to the filing, and its largesr debt, at $13.6 is to Bank of America. The filing was according to a statementon Crescent’sx Web site, for the company to reorganize its finances, reducse its debt level and improvw its capital structure.
Crescent intends to operater its continuing businesses withouy any significant interruption during the restructurinh process because of a recentlyobtained debtor-in-possessio financing facility of $110 million from a group of its existiny lenders, according to the Andrew Hede, Crescent’s chief restructuring officer, has been named CEO whilwe its former chief Arthur Fields, has retirerd and will work with Crescent in an advisoryy capacity.
“We have been in activs discussions with our lenders and other stakeholders as we work towardxs an agreement that will bring our capital structure in line with the currentgeconomic environment,” Hede said in a statement on the company’w Web site. Charlotte-based Crescent has been pursuing alternatives to shore up its balance sheet for including selling some ofits assets. The companty is jointly owned by (NYSE: DUK) and Morgan Stanley and has 38 residential communities undetr development inthe Carolinas, Texas, Arizona and Florida.
Crescent acquired a controlling interest in LandMar in butleft LandMar’s founder, Ed in control of the company until he resigne after a failed attempyt to buy back the company in 2007. The Jacksonvillee Economic Development Commission authorizeed city lawyers in May to start the foreclosure process onthe 41-acrs parcel that was to be the Shipyards. Plans for the Shipyard included 1 million square feet ofoffic space, 100,000 square feet of commercial space, 662 residentialp units, 350 hotel rooms and 150 marinza slips. LandMar has developed or had plans to develoop dozens more properties in Floridsa and throughoutthe Southeast.