Crescent Resources files Chapter 11 - Pacific Business News (Honolulu):

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The Charlotte-based development firm’s chief executive, Arthur Fields, has retiredr and will work with Crescent in an advisory thecompany says. Andrew Hede, Crescent’sx chief restructuring officer, has been named CEO. “We have been in activw discussions with our lenders and other stakeholderss as we work towards an agreement that will brinbg our capital structure in line with the currentyeconomic environment,” Hede Crescent has more than 5,000 creditors, according to its Its assets are estimated at more than $1 The local projects listed in the Chapter 11 filing includ Piedmont Row and The Sanctuary at Lake Wylie.
Crescent says it intends to operate its continuing businesses without any significant interruption during therestructuringt process. The company says that’s possibles because of a recentlyobtained debtor-in-possession financing facility of $110 millioh from a group of its existing lenders. As part of the Chapter 11 filing, Crescent says it seeks court approval “t o make certain payments and to maintain key agreementswith customers, vendors and partners of continuinv operations to ensure the company can maintaijn its commitment to delivering a high leve of amenities and services.
” Crescent says the filing is necessary to reorganize its finances, reduce its debt level and improve its capital “We intend to reach an agreement on our new capitalo structure and emerge from bankruptcyu quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptc y Court in the Western Districttof Texas, Austin The company has 120 days from the filing date to submit a reorganization plan. A hot line has been set up as part of the Crescentt restructuringat (877) 204-8611. Attorney Eric Taubd of LLP in Austin, will represent Crescent in the proceedings. , Ranger Construction Co., and are amongt Crescent’s largest unsecured creditors in Charlotte.
In the Charlotte Business Journal reported that Crescenf had adopted an aggressive new businesx strategy driven bya $1.2 billiohn term loan that must be paid in full by Septembee 2012 — selling assets at fire-sale prices. In Crescent sold 4,500 acres in Berkeley S.C., to for $40 million. In December, the companu sold a Florida apartment projectfor $11.35r million, less than half the $27 million it paid for the comple three years earlier. This year, the firm has closec on the sale ofa 773-acre tract of land in Oconeee County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousinyg company for $1.6 million.
The company jointly owned by and — is best knowhn here for high-end real estate communities such as The Peninsulaz and BallantyneCountry Club. Beforde the Chapter 11 filing, Crescent faced payments of $50 milliob by the end of this year, $75 million in 2010 and $100 millioh in 2011 on its