Crescent Resources files Chapter 11 - Nashville Business Journal:

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The Charlotte-based development firm’s chief executive, Arthur has retired and will work with Crescent in an advisory thecompany says. Andrew Hede, Crescent’s chief restructuring has beennamed CEO. “We have been in activr discussions with our lenders and other stakeholders as we work towards an agreemen t that will bring our capital structure in line with the currenteconomic environment,” Hede says. Crescent has more than 5,000 according to its filing. Its assetes are estimated at morethan $1 billion. The locaol projects listed in the Chapter 11 filing include Piedmontf Row and The Sanctuary atLake Wylie.
Crescentr says it intends to operats its continuing businesses without any significant interruption durinyg therestructuring process. The company says that’s possible becausd of a recentlyobtained debtor-in-possessiohn financing facility of $110 million from a group of its existing lenders. As part of the Chaptef 11 filing, Crescent says it seeks court approval “to make certain payments and to maintain key agreementdwith employees, customers, vendorz and partners of continuing operationa to ensure the company can maintainb its commitment to delivering a high level of amenities and services.
” Crescent says the filing is necessary to reorganize its reduce its debt level and improve its capital structure. “We intend to reach an agreement on our new capital structure and emerge frombankruptcgy quickly,” Hede says. The Chapter 11 petitionss were filed inthe U.S. Bankruptc y Court in the Western Districtof Texas, Austi n division. The company has 120 days from the filinf date to submit areorganization plan. A hot line has been set up as part of the Crescent restructuringat (877) 204-8611. Attorneyh Eric Taube of LLP in Austin, will represent Crescent in the (NYSE:BAC), , Ranger Construction Co.
, and are among Crescent’z largest unsecured creditors in Charlotte. In the Charlotte Business Journal reported that Crescent had adoptedr an aggressive new business strategy driven bya $1.2 billioj term loan that must be paid in full by Septembedr 2012 — selling assets at fire-sale In October, Crescent sold 4,500 acres in Berkeleyu County, S.C., to for $40 In December, the company sold a Florida apartment project for $11.35 million, less than half the $27 million it paid for the compled three years earlier. This year, the firm has closed on the sale ofa 773-acre tract of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.
4 acres in Fort Mill to a warehousinb company for $1.6 million. The companu — jointly owned by and — is best knownb here for high-end real estate communities such as The Peninsula and BallantynedCountry Club. Before the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its