Crescent Resources files Chapter 11 - Nashville Business Journal:

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The Charlotte-based development firm’s chiet executive, Arthur Fields, has retired and will work with Crescen t in anadvisory capacity, the company says. Andrew Crescent’s chief restructuring officer, has been named CEO. “We have been in activwe discussions with our lenders and othert stakeholders as we work towards an agreement that will brinb our capital structure in line with the current economic Hede says. Crescent has more than 5,0009 creditors, according to its Its assets are estimated at morethan $1 The local projects listed in the Chapter 11 filing includ e Piedmont Row and The Sanctuary at Lake Wylie.
Crescenf says it intends to operate its continuing businesses withouyt any significant interruption during therestructuring process. The companyy says that’s possible because of a recentluyobtained debtor-in-possession financing facility of $110 millionh from a group of its existing lenders. As part of the Chapterd 11 filing, Crescent says it seeks court approval “toi make certain payments and to maintain key agreementwith employees, customers, vendors and partners of continuinv operations to ensure the company can maintaij its commitment to delivering a high levelk of amenities and services.
” Crescent says the filing is necessaryg to reorganize its finances, reduc its debt level and improve its capital “We intend to reach an agreemenrt on our new capital structure and emergde from bankruptcy quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptcuy Court in the Western Districtof Texas, Austihn division. The company has 120 days from the filingg date to submit areorganization plan. A hot line has been set up as part of the Crescent restructuringat (877) 204-8611. Attorney Eric Taubes of LLP in Austin, Texas, will represeng Crescent in the proceedings. , Ranger Construction Co.
, and are among Crescent’s larges unsecured creditors in Charlotte. In April, the Charlotte Businesws Journal reported that Crescenty had adopted an aggressivs new business strategy driven bya $1.2 billionj term loan that must be paid in full by Septembe 2012 — selling assets at fire-sale prices. In October, Crescent sold 4,500o acres in Berkeley County, S.C., to for $40 In December, the company sold a Florid a apartment projectfor $11.35 million, less than half the $27 millionb it paid for the compled three years earlier. This the firm has closed on the sale ofa 773-acred tract of land in Oconewe County, S.C., for just over $10 Locally, Crescent recently sold 18.
4 acres in Fort Mill to a warehousin company for $1.6 million. The company — jointlty owned by and — is best known here for high-end real estate communities such as The Peninsula and BallantynerCountry 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