Crescent Resources files Chapter 11 - Pittsburgh Business Times:

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Charlotte, N.C.-based Crescent Resources -- a join t venture of and that specializesin mixed-usew developments -- said the move is part of its strategh to reduce debt and improve its capital The bankruptcy filing was made in the U.S. Bankruptcy Courg in the Western Districtof Texas, Austin Division. Before the Chapteer 11 filing, Crescent faced payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its Crescent Resources haslanded $110 million in debtor-in-possession financing from a group of its existing lenders, which will providew sufficient funds to operate its ongoing business activities.
Crescentf Resources CEO Arthur Fields has retiref from the company and will continue to work with the compang in anadvisory capacity. Andrew Hede, Crescent’sd chief restructuring officer, will serve as CEO. a managing director with , has more than 15 yearx of financial restructuring andbusiness “We have been in active discussions with our lenders and other stakeholders as we work towardz an agreement that will brinf our capital structure in line with the currentg economic environment,” Hede said in a news release.
Despite the unprecedented challenges facing the realestate industry, we believed Crescent's underlying business model is and our assets remain very We are encouraged that our lenders have agree to provide additional funding to support our continued operations and alloaw us to maintain the high level of service and amenitiez our customers have come to expect. We intend to reach an agreement on our new capital structur e and emerge frombankruptcy quickly.” Life insurance giant could keep Crescent Resources as its joint development partner on the new 20-storhy Phipps Tower, commercial real estate brokers and developersx have said.
And Manulife has options to see the building throughyto completion, brokers and developers have said. Phippds Tower is a nearly 500,000-square-foot building next to Phipps Plazsain Atlanta’s posh Buckhead area. Crescent Resourceds is active in commerciao and residential real estate development and land management acroses the Southeast and Southwesyt and hascreated mixed-use business and industrial parks, country-club communities, single-familty neighborhoods and apartment and condo complexes. It has 38 residentiaol communities under development inthe Carolinas, Georgia, Florida and Arizona, and is currently buildinv 1,200 apartment units. It also owns 75,000 acresz of land.
Crescent has 264 employees.