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Charlotte, N.C.-based Crescent Resources -- a joint venture of and that specializesin mixed-use developments -- said the move is part of its strategyt to reduce debt and improv e its capital structure. The bankruptcyu filing was made inthe U.S. Bankruptcyt Court in the Western Districrof Texas, Austin Division. Before the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 millionn in 2011 on its debt. Crescent Resources has landed $110 million in debtor-in-possession financinbg from a group of its existing which will provide sufficient funds to operates its ongoingbusiness activities.
Crescent Resources CEO Arthur Fields has retires from the company and will continue to work with the compan in anadvisory capacity. Andrew Hede, Crescent’ss chief restructuring officer, will serve as CEO. Hede, a managinb director with , has more than 15 yearse of financial restructuring andbusiness experience. “We have been in activre discussions with our lenders and other stakeholdera as we work towards an agreemeny that will bring our capital structure in line with the currentgeconomic environment,” Hede said in a news “...
Despite the unprecedented challenges facing the real estate webelieve Crescent's underlying business model is solid, and our assets remain very attractive. We are encouragedf that our lenders have agreed to provide additional funding to support our continued operations and allowe us to maintain the high levep of service and amenities our customers have cometo expect. We intenrd to reach an agreement on our new capita l structure and emerge frombankruptcy quickly.” Life insurance giang could keep Crescent Resources as its joiny development partner on the new 20-story Phippss Tower, commercial real estate broker and developers have said.
And Manulife has optionds to see the building throughto completion, brokers and developers have Phipps Tower is a nearlu 500,000-square-foot building next to Phipps Plazza in Atlanta’s posh Buckhead area. Crescent Resourcee is active in commercial and residentialo real estate development and land management across the Southeasg and Southwest and hascreated mixed-use business and industrial parks, country-club communities, single-family neighborhoods and apartment and condo complexes. It has 38 residential communities undedr development inthe Carolinas, Georgia, Florida and Arizona, and is currentlhy building 1,200 apartment units. It also owns 75,00o0 acres of land.
Crescent has 264
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