Crescent Resources files Chapter 11 - New Mexico Business Weekly:

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The Charlotte-based development firm’s chief executive, Arthur Fields, has retired and will work with Crescentg in anadvisory capacity, the company says. Andresw Hede, Crescent’s chief restructuring officer, has been namec CEO. “We have been in activew discussions with our lenders and otherf stakeholders as we work towards an agreement that will brinv our capital structure in line with the current economic Hede says. Crescent has more than 5,000 according to its filing.
Its assets are estimated at morethan $1 The local projects listed in the Chapteer 11 filing include Piedmont Row and The Sanctuary at Lake Crescent says it intends to operate its continuin g businesses without any significant interruption durin the restructuring process. The compan y says that’s possible becauswe of a recentlyobtained debtor-in-possessiohn financing facility of $110 million from a group of its existinhg lenders.
As part of the Chapterr 11 filing, Crescent says it seeks court approval “tko make certain payments and to maintain key agreementsswith employees, customers, vendors and partners of continuing operationsz to ensure the company can maintain its commitment to delivering a high level of amenities and services.” Crescent says the filing is necessary to reorganizee its finances, reduce its debt level and improve its capital “We intend to reacj an agreement on our new capital structure and emerge from bankruptcty quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptcy Courtg in the Western District of Austin division.
The company has 120 days from the filingv date to submit areorganization plan. A hot line has been set up as part of the Crescenrt restructuringat (877) 204-8611. Attorney Eric Taube of LLP in Texas, will represent Crescent in the proceedings. , Ranger Construction Co., and are amongv Crescent’s largest unsecured creditors in Charlotte. In April, the Charlotte Busines s Journal reported that Crescent had adopted an aggressive new businesas strategy driven bya $1.2 billion term loan that must be paid in full by September 2012 — selling assets at fire-sale prices. In Crescent sold 4,500 acre in Berkeley County, to for $40 million.
In December, the company sold a Floridaz apartment projectfor $11.35 million, less than half the $27 million it paid for the complexc three years earlier. This year, the firm has closed on the sale ofa 773-acrr tract of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousin company for $1.6 million. The company jointly owned by and — is best known here for high-endr real estate communities such as The Peninsula and BallantyneeCountry Club. Before the Chaptet 11 filing, Crescent faced payments of $50 million by the end of this $75 million in 2010 and $100 millioj in 2011 on its debt.