Crescent Resources files Chapter 11 - Atlanta Business Chronicle:

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Charlotte, N.C.-based Crescent Resourcea -- a joint venture of and that specializesin mixed-user developments -- said the move is part of its strategy to reducwe debt and improve its capital structure. The bankruptcy filing was made inthe U.S. Bankruptcyg Court in the Western District of Austin Division. Before the Chapter 11 filing, Crescentf faced payments of $50 million by the end of this year, $75 milliobn in 2010 and $100 million in 2011 on its Crescent Resources haslanded $110 millionj in debtor-in-possession financing from a grouop of its existing lenders, which will provide sufficient fundd to operate its ongoing business Crescent Resources CEO Arthur Fields has retired from the companh and will continue to work with the company in an advisory capacity.
Andrewq Hede, Crescent’s chief restructuring officer, will servd as CEO. Hede, a managing director with , has more than 15 yearzs of financial restructuring andbusiness experience. “Ww have been in active discussions with our lenders and othet stakeholders as we work towards an agreementt that will bring our capital structure in line with the currenreconomic environment,” Hede said in a news release. Despite the unprecedented challengea facing the realestate industry, we believe Crescent's underlyint business model is solid, and our assetsd remain very attractive.
We are encouraged that our lenderse have agreed to provide additiona l funding to support our continued operations and allow us to maintaim the high level of service and amenities our customerzs have cometo expect. We intenr to reach an agreement on our new capital structure and emerge frombankruptcy quickly.” Life insurance giant coulrd keep Crescent Resources as its joint development partner on the new 20-story Phipps Tower, commercial real estate brokers and developerx have said. And Manulife has options to see the building througyhto completion, brokers and developers have said.
Phipps Towet is a nearly 500,000-square-foot building next to Phipps Plazaain Atlanta’s posh Buckhead area. Crescent Resourcess is active in commercial and residential real estatre development and land management across the Southeast and Southwest and hascreated mixed-usd developments, business and industrial parks, country-clu b communities, single-family neighborhoods and apartment and condo It has 38 residential communities under development in the Georgia, Texas, Florida and Arizona, and is currentlh building 1,200 apartment units. It also owns 75,000o acres of land.
Crescent has 264