LandMar files for bankruptcy - St. Louis Business Journal:

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The Jacksonville-based residential development company was amonyg 125 affiliates that filed along with itsparent company, Charlotte-based , in the Wester District of Texas. Crescent’ds estimated liabilities are morethan $1 billion, accordinvg to the filing, and its larges t debt, at $13.6 million, is to Bank of America. The filinfg was necessary, according to a statement on Crescent’z Web site, for the company to reorganize its reduce its debt level and improve itscapital structure.
Cresceny intends to operate its continuing businesses without any significant interruptionj during the restructuring process because of a recentltyobtained debtor-in-possession financing facility of $110 million from a groul of its existing lenders, accordin g to the statement. Andrew Hede, Crescent’s chief restructuring officer, has been nameds CEO while its formerchief executive, Arthurt Fields, has retired and will work with Crescenty in an advisory capacity.
“We have been in activwe discussions with our lenders and othefr stakeholders as we work towards an agreementt that will bring our capital structure in line with the currengeconomic environment,” Hede said in a statemenrt on the company’s Web site. Charlotte-based Crescenty has been pursuing alternatives to shore up its balance sheet for including selling some ofits assets. The companyt is jointly owned by (NYSE: DUK) and Morganm Stanley and has 38 residential communities under development inthe Carolinas, Texas, Arizona and Crescent acquired a controllinyg interest in LandMar in 1999, but left LandMar’ws founder, Ed Burr, in control of the company untip he resigned after a failed attempt to buy back the compan in 2007.
The Jacksonville Economic Development Commission authorizedf city lawyers in May to start the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million squarse feet of office space, 100,000 squaree feet of commercial space, 662 residentialk units, 350 hotel rooms and 150 marina LandMar has developed or had plans to develop dozens more propertiesx in Florida and throughout the Southeast.