Crescent Resources files Chapter 11 - New Mexico Business Weekly:

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The Charlotte-based development firm’s chief Arthur Fields, has retired and will work with Crescentr in anadvisory capacity, the company Andrew Hede, Crescent’s chief restructuring has been named CEO. “We have been in activr discussions with our lenders and other stakeholderse as we work towards an agreement that will bring our capital structure in line with the currenyteconomic environment,” Hede says. Crescent has more than 5,0000 creditors, according to its filing. Its asset are estimated at morethan $1 billion. The locao projects listed in the Chapted 11 filing include Piedmont Row and The Sanctuaruy atLake Wylie.
Crescent says it intends to operate its continuinb businesses without any significant interruption duringb therestructuring process. The company says that’s possiblse because of a recentlyobtained debtor-in-possessiojn financing facility of $110 million from a grou of its existing lenders. As part of the Chaptert 11 filing, Crescent says it seeks court approva “to make certain payments and to maintain key agreementswith employees, customers, vendors and partners of continuing operations to ensurwe the company can maintai its commitment to delivering a high level of amenities and Crescent says the filing is necessary to reorganizs its finances, reduce its debt levek and improve its capitak structure.
“We intend to reach an agreement on our new capital structure and emerge frombankruptcy quickly,” Hede says. The Chapter 11 petitionss were filed inthe U.S. Bankruptcg Court in the Western Districtof Texas, Austin division. The company has 120 days from the filin g date to submit a reorganization A hot line has been set up as part of the Crescentg restructuringat (877) 204-8611. Attorney Eric Taube of LLP in Texas, will represent Crescent in the (NYSE:BAC), , Ranger Construction Co., and are among Crescent’z largest unsecured creditors in Charlotte.
In April, the Charlotte Busineses Journal reported that Crescent had adopted an aggressive new business strategty driven bya $1.2 billion term loan that must be paid in full by Septembefr 2012 — selling assets at fire-sals prices. In October, Crescent sold 4,500 acres in Berkeleyh County, S.C., to for $40 million. In December, the company sold a Florida apartment projectfor $11.35 million, less than half the $27 millionh it paid for the complex three years This year, the firm has closeds on the sale of a 773-acre tract of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousint company for $1.6 million.
The company — jointly owned by and is best known herefor high-ende real estate communities such as The Peninsula and Ballantyne Countryh Club. Before the Chapter 11 filing, Crescent faced payments of $50 millio n by the end of this $75 million in 2010 and $100 million in 2011 on its