LandMar files for bankruptcy - Philadelphia Business Journal:

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The Jacksonville-based residential developmentg company was among 125 affiliatesd that filed along with itsparengt company, Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 according to the filing, and its largest debt, at $13.6 million, is to Bank of America. The filinhg was necessary, according to a statement on Crescent’x Web site, for the company to reorganizsits finances, reduce its debt level and improve its capitapl structure.
Crescent intends to operate its continuing businessesz without any significant interruption during the restructurint process because of a recently obtained debtor-in-possession financing facility of $110 million from a grou p of its existing lenders, accordingv to the statement. Andrew Hede, Crescent’sw chief restructuring officer, has been named CEO whilre its formerchief executive, Arthur Fields, has retired and will work with Crescentr in an advisory capacity.
“We have been in activwe discussions with our lenders and other stakeholders as we work towardsa an agreement that will bring our capitalo structure in line with the curren teconomic environment,” Hede said in a statementy on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shorr up its balance sheet for including selling some of its assets. The companty is jointly owned by DUK) and Morgan Stanley and has 38 residential communitiesa under development inthe Carolinas, Texas, Arizona and Florida.
Crescent acquireed a controlling interest in LandMarin 1999, but left LandMar’s Ed Burr, in control of the company untill he resigned after a faile attempt to buy back the companyg in 2007. The Jacksonville Economic Development Commission authorized city lawyers in May to stargt the foreclosure process onthe 41-acrse parcel that was to be the Plans for the Shipyards included 1 milliobn square feet of office space, 100,0000 square feet of commercial 662 residential units, 350 hotel roomes and 150 marina slips. LandMar has developed or had planw to develop dozens more properties in Floridq and throughoutthe Southeast.