dawojetos.blogspot.com
The Jacksonville-based residential development company was amonvg 125 affiliates that filed alongh with itsparent company, Charlotte-based , in the Westerhn District of Texas. Crescent’s estimated liabilities are morethan $1 according to the filing, and its largest at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’sx Web site, for the company to reorganiz its finances, reduce its debt level and improve its capita l structure.
Crescent intends to operate its continuing businessed without any significant interruptionb during the restructuring procese because of a recentlyobtained debtor-in-possessioh financing facility of $110 million from a group of its existin g lenders, according to the Andrew Hede, Crescent’s chief restructuring officer, has been namer CEO while its former chiec executive, Arthur Fields, has retired and will work with Crescentf in an advisory capacity.
“We have been in activew discussions with our lenders and otherf stakeholders as we work towards an agreement that will bring our capitakl structure in line with the currenteconomiv environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuinyg alternatives to shore up its balance sheet for including selling some of its assets. The companyg is jointly owned by (NYSE: DUK) and Morgan Stanleuy and has 38 residential communities under developmentr inthe Carolinas, Georgia, Texas, Arizon a and Florida.
Crescent acquired a controlling interest in LandMaein 1999, but left LandMar’s founder, Ed in control of the company until he resigned aftetr a failed attempt to buy back the companyg in 2007. The Jacksonville Economic Developmengt Commission authorized city lawyers in May to start the foreclosur e process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 milliohn square feet of office space, 100,000 squarwe feet of commercial space, 662 residentiall units, 350 hotel rooms and 150 marina LandMar has developed or had plans to developo dozens more properties in Florida and throughout the
No comments:
Post a Comment