LandMar files for bankruptcy - Orlando Business Journal:

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The Jacksonville-based residential development company was among 125 affiliates that filed along with itsparent company, Charlotte-baserd , in the Western District of Texas. Crescent’ s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of America. The filint was necessary, according to a statement on Crescent’d Web site, for the company to reorganize its reduce its debt level and improve its capital Crescent intends to operate its continuing businesses withouf any significant interruption during the restructuring procesws because of a recentlyobtained debtor-in-possession financing facility of $110 million from a groupo of its existing according to the Andrew Hede, Crescent’s chiedf restructuring officer, has been named CEO whilse its former chief executive, Arthutr Fields, has retired and will work with Crescenty in an adviso ry capacity.
“We have been in activer discussions with our lenders and other stakeholders as we work towardw an agreement that will bring our capital structure in line with the curreneconomic environment,” Hede said in a statemenf on the company’s Web Charlotte-based Crescent has been pursuing alternativews to shore up its balanced sheet for months, including selling some of its assets. The company is jointlt owned by (NYSE: DUK) and Morgan Stanley and has 38 residentiakl communities under development inthe Georgia, Texas, Arizona and Florida.
Crescent acquired a controlling interest in LandMafin 1999, but left LandMar’zs founder, Ed Burr, in control of the company until he resignefd after a failed attemp to buy back the companyu in 2007. The Jacksonville Economic Development Commission authorized city lawyerz in May to start the foreclosure process onthe 41-acre parcel that was to be the Shipyards. Planz for the Shipyards included 1 million square feet ofoffics space, 100,000 square feet of commercialp space, 662 residential units, 350 hotel roomas and 150 marina slips. LandMarr has developed or had planss to develop dozens more properties in Florida and throughoutrthe Southeast.