Crescent Resources files Chapter 11 - Triangle Business Journal:

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The Charlotte-based development firm’s chief Arthur Fields, has retired and will work with Crescent in anadvisorhy capacity, the company says. Andrew Hede, Crescent’s chievf restructuring officer, has been named CEO. “We have been in activwe discussions with our lenders and other stakeholders as we work towardes an agreement that will bring our capitao structure in line with the currenteconomicx environment,” Hede says. Crescent has more than 5,000 according to its filing.
Its assets are estimateed at morethan $1 The local projects listed in the Chapter 11 filing include Piedmont Row and The Sanctuary at Lake Crescent says it intendsd to operate its continuing businessese without any significant interruption during the restructuring process. The companyt says that’s possible because of a recentlhobtained debtor-in-possession financing facility of $110 million from a group of its existingb lenders.
As part of the Chapter 11 Crescent says it seeks courtapproval “to make certain payments and to maintain key agreementsz with employees, customers, vendors and partners of continuin operations to ensure the company can maintaih its commitment to delivering a high level of amenitieds 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 capital structured and emerge from bankruptcy quickly,” Hede says. The Chapterd 11 petitions were filed inthe U.S. Bankruptcu Court in the Western District of Austin division.
The company has 120 days from the filiny date to submit areorganization plan. A hot line has been set up as part of the Crescentg restructuringat (877) 204-8611. Attorney Eric Taubes of LLP in Austin, Texas, will represent Crescent in the (NYSE:BAC), , Ranger Construction Co., and are amonv Crescent’s largest unsecured creditorszin Charlotte. In April, the Charlotte Business Journak reported that Crescent had adopted an aggressive new business strategy driven bya $1.2 billion term loan that must be paid in full by Septembe r 2012 — selling assets at fire-sale prices. In October, Crescent sold 4,50 acres in Berkeley County, S.C.
, to for $40 In December, the company sold a Florid apartment projectfor $11.35 million, less than half the $27 milliomn it paid for the complex thre years earlier. This year, the firm has closec on the sale ofa 773-acre trac of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acrese in Fort Mill to a warehousing companhy for $1.6 million. The company — jointly ownef by and — is best known here for high-endf real estate communities such as The Peninsula and BallantynseCountry Club.
Before the Chapter 11 Crescent faced paymentsof $50 millio n by the end of this year, $75 millioj in 2010 and $100 million in 2011 on its