LandMar files for bankruptcy - Atlanta Business Chronicle:

The Jacksonville-based residential development company was amon g 125 affiliates that filed along with itsparenft company, Charlotte-based , in the Westerj District of Texas. Crescent’s estimate liabilities are morethan $1 billion, according to the and its largest at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’s Web for the company to reorganizs its finances, reduce its debt level and improvw its capital structure.
Crescent intends to operatse its continuing businesses without any significant interruption during the restructuring processx because of a recentlyobtained debtor-in-possession financing facilit y of $110 million from a group of its existinb lenders, according to the Andrew Hede, Crescent’s chief restructuring officer, has been named CEO whilde its former chief Arthur Fields, has retired and will work with Crescenft in an advisory capacity.
“Wr have been in active discussions with our lenders and other stakeholderxs as we work towards an agreement that will bring our capita l structure in line with the currenteconomic environment,” Hede said in a statemenf on the company’s Web site. Charlotte-based Crescent has been pursuintg alternatives to shore up its balance sheeffor months, including selling some of its assets. The company is jointlyy owned by (NYSE: DUK) and Morgan Stanley and has 38 residentialo communities under development inthe Carolinas, Georgia, Arizona and Florida.
Crescent acquired a controlling interestr in LandMarin 1999, but left LandMar’s Ed Burr, in control of the companh until he resigned after a failecd attempt to buy back the company in 2007. The Jacksonvill e Economic Development Commission authorized city lawyers in May to startr the foreclosure process onthe 41-acree parcel that was to be the Plans for the Shipyardd included 1 million square feet of office 100,000 square feet of commercial space, 662 residentialk units, 350 hotel rooms and 150 marinq slips. LandMar has developed or had plans to develop dozens more properties in Florida and throughourtthe Southeast.