Crescent Resources files Chapter 11 - Sacramento Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a joint venture of and that specializedsin mixed-use developments -- said the move is part of its strateguy to reduce debt and improve its capital The bankruptcy filing was made in the U.S. Bankruptcy Court in the Western Districtof Texas, Austin Before the Chapter 11 filing, Crescenft faced payments of $50 million by the end of this year, $75 millionh in 2010 and $100 million in 2011 on its Crescent Resources has landed $110 million in debtor-in-possession financingt from a group of its existing lenders, which will providew sufficient funds to operate its ongoing business activities.
Crescent Resources CEO Arthurd Fields has retired from the company and will continue to work with the companyg in anadvisory capacity. Andrew Crescent’s chief restructuring officer, will serve as CEO. a managing director with , has more than 15 yeara of financial restructuring andbusiness experience. “Wde have been in active discussions with our lenderas and other stakeholders as we work towardsw an agreement that will brinh our capital structure in line with the current economic environment,” Hede said in a news release.
Despite the unprecedented challenges facing the realestatd industry, we believe Crescent's underlying business modell is solid, and our assets remain very We are encouraged that our lenders have agreed to provide additional fundin g to support our continued operations and allow us to maintaijn the high level of service and amenitiew our customers have come to expect. We intend to reachh an agreement on our new capital structurew and emerge frombankruptcy quickly.
” Life insurance giant could keep Crescen Resources as its joint development partnedr on the new 20-story Phipps commercial real estate brokers and developers have And Manulife has options to see the buildinyg through to completion, brokers and developer s have said. Phipps Tower is a nearly 500,000-square-fooyt building next to Phipps Plazain Atlanta’sw posh Buckhead area. Crescent Resources is active in commercialo and residential real estate development and land managemeny across the Southeast and Southwest and hascreated mixed-usde developments, business and industrial parks, country-clubg communities, single-family neighborhoods and apartment and condo It has 38 residential communitiesw under development in the Carolinas, Texas, Florida and Arizona, and is currently building 1,200 apartmenrt units.
It also owns 75,00o0 acres of land. Crescent has 264 employees.