Crescent Resources files Chapter 11 - Triangle Business Journal:

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The Charlotte-based development firm’s chier executive, Arthur Fields, has retired and will work with Crescent in anadvisorty capacity, the company says. Andrew Hede, Crescent’s chief restructuring officer, has been namer CEO. “We have been in activs discussions with our lenders and other stakeholders as we work towarde an agreement that will bring our capitapl structure in line with the currentyeconomic environment,” Hede says. Crescent has more than 5,00p0 creditors, according to its Its assets are estimatefd at morethan $1 billion.
The loca projects listed in the Chapter 11 filing included Piedmont Row and The Sanctuary at Lake Crescent says it intendes to operate its continuing businesses without any significant interruption durin g therestructuring process. The company says that’s possiblwe because of a recentlyobtained debtor-in-possession financing facility of $110 million from a groupo of its existing lenders. As part of the Chapter 11 Crescent says it seeka courtapproval “to make certaim payments and to maintain key agreements with employees, vendors and partners of continuinh operations to ensure the company can maintainm its commitment to delivering a high leveol of amenities and services.
” Crescent says the filinvg is necessary to reorganize its reduce its debt level and improve its capitaol structure. “We intend to reach an agreement on our new capital structurw and emerge frombankruptch quickly,” Hede says. The Chapter 11 petitionw were filed inthe U.S. Bankruptcty Court in the Western District of Texas, Austin division. The company has 120 days from the filingh date to submit areorganization plan. A hot line has been set up as part of the Crescenrt restructuringat (877) 204-8611. Attorneyy Eric Taube of LLP in Texas, will represent Crescent in the proceedings. , Ranger Construction Co.
, and are among Crescent’s largesrt unsecured creditorsin Charlotte. In the Charlotte Business Journal reported that Crescent had adoptedr an aggressive new business strategy driven bya $1.2 billio term loan that must be paid in full by Septemberr 2012 — selling assets at fire-salwe prices. In October, Crescent sold 4,500 acrez in Berkeley County, S.C., to for $40 In December, the company sold a Florida apartmentr projectfor $11.35 million, less than half the $27 millioh it paid for the complex three yearz earlier. This year, the firm has closed on the sale ofa 773-acre tract of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.
4 acres in Fort Mill to a warehousingv company for $1.6 million. The company — jointly ownee by and — is best knowh here for high-end real estatre communities such as The Peninsula and BallantynCountry Club. Before the Chaptee 11 filing, Crescent faced payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its