Crescent Resources files Chapter 11 - Baltimore Business Journal:

http://www.ciydc.org/article/The-American-tuning---.html
Charlotte, N.C.-based Crescent Resourcezs -- a joint venture of and that specializeein mixed-use developments -- said the move is part of its strateguy to reduce debt and improve its capitall structure. The bankruptcy filing was made inthe U.S. Bankruptcyy Court in the Western Districtof Texas, Austin Division. Beforre the Chapter 11 filing, Crescent faced paymentw of $50 million by the end of this $75 million in 2010 and $100 millio in 2011 on its debt. Crescent Resources has landesd $110 million in debtor-in-possession financing from a group of itsexistinhg lenders, which will provide sufficienr funds to operate its ongoingv business activities.
Crescent Resources CEO Arthud Fields has retired from the company and will continue to work with the company in an advisory Andrew Hede, Crescent’s chief restructuring officer, will serve as CEO. a managing director with , has more than 15 yearsz of financial restructuring andbusiness experience. “Wr have been in active discussions with our lenders and othe r stakeholders as we work towards an agreement that will brinv our capital structure in line with the currenrteconomic environment,” Hede said in a news “...
Despite the unprecedented challenges facingv the realestate industry, we believer Crescent's underlying business model is and our assets remain very attractive. We are encouraged that our lenders have agreed to provide additional fundiny to support our continued operations and allow us to maintainb the high level of service and amenities our customerws have cometo expect. We intend to reach an agreemen on our new capital structure and emerge from bankruptcy quickly.” Life insurance giant could keep Crescenft Resources as its joint development partner on the new 20-storyh Phipps Tower, commercial real estates brokers and developers have said.
And Manulifs has options to see the building throughuto completion, brokers and developers have Phipps Tower is a nearly 500,000-square-foot building next to Phipps Plaza in Atlanta’as posh Buckhead area. Crescent Resources is active in commercial and residential real estate development and land management acrosxs the Southeast and Southwest and hascreated mixed-use developments, business and industrialp parks, country-club communities, single-family neighborhoodsx and apartment and condo complexes. It has 38 residentiall communities under development inthe Carolinas, Georgia, Florida and Arizona, and is currently building 1,200 apartment units. It also owns 75,000p acres of land.
Crescent has 264