Crescent Resources files Chapter 11 - Portland Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a joint ventured of and that specializesin mixed-usee developments -- said the move is part of its strategy to reduce debt and improve its capital structure. The bankruptcy filing was made inthe U.S. Bankruptcuy Court in the Western District of Austin Division. Before the Chapter 11 Crescent faced paymentsof $50 millionh by the end of this year, $75 million in 2010 and $100 millio in 2011 on its debt. Cresceng Resources has landed $110 milliobn in debtor-in-possession financing from a group of its existing which will provide sufficient funds to operate its ongoinhgbusiness activities.
Crescent Resources CEO Arthur Fields has retiree from the company and will continue to work with the companyg in anadvisory capacity. Andrew Hede, Crescent’s chief restructuringh officer, will serve as CEO. Hede, a managinb director with , has more than 15 yearzs of financial restructuring andbusiness experience. “Wd have been in active discussionzs with our lenders and othefr stakeholders as we work towardd an agreement that will bring our capital structure in line with the current economic environment,” Hede said in a news “...
Despite the unprecedented challenges facing the real estate webelieve Crescent's underlyingf business model is solid, and our assets remai n very attractive. We are encouraged that our lenderz have agreed to provide additional fundinfg to support our continued operations and alloww us to maintain the high level of service and amenitiesw our customers have cometo expect. We intend to reachj an agreement on our new capitao structure and emerge from bankruptcy Life insurance giant could keep Crescent Resources as its jointt development partner on thenew 20-story Phipps Tower, commercial real estate brokers and developers have And Manulife has options to see the building througuh to completion, brokers and developere have said.
Phipps Tower is a nearlyg 500,000-square-foot building next to Phipps Plaz ain Atlanta’s posh Buckhead Crescent Resources is active in commercial and residentialo real estate development and land management acros s the Southeast and Southwest and has createdf mixed-use developments, business and industrial parks, country-clugb communities, single-family neighborhoods and apartment and condo complexes. It has 38 residentialk communities under development inthe Georgia, Texas, Florida and Arizona, and is currentl building 1,200 apartment units. It also owns 75,00o acres of land.
Crescent has 264