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Charlotte, N.C.-based Crescent Resources -- a joint venture of and that specializeein mixed-use developments -- said the move is part of its strategg to reduce debt and improve its capital structure. The bankruptc filing was made inthe U.S. Bankruptc Court in the Western District of Austin Division. Before the Chapter 11 filing, Crescent facedd payments of $50 million by the end of this year, $75 millionb in 2010 and $100 million in 2011 on its debt. Crescent Resourceds has landed $110 million in debtor-in-possession financing from a grouop of itsexisting lenders, which will provide sufficient funds to operatse its ongoing business activities.
Crescent Resources CEO Arthuf Fields has retired from the companyu and will continue to work with the companyg in anadvisory capacity. Andresw Hede, Crescent’s chief restructuringv officer, will serve as CEO. Hede, a managing directod with , has more than 15 years of financial restructuring andbusiness experience. “We have been in activs discussions with our lender s and other stakeholders as we work towardsa an agreement that will bring our capitall structure in line with the currenteconomic environment,” Hede said in a news “...
Despite the unprecedented challenges facing the real estate webelieve Crescent's underlying businesd model is solid, and our assets remain very We are encouraged that our lenderx have agreed to provide additionak funding to support our continuec operations and allow us to maintain the high leveol of service and amenities our customers have come to We intend to reach an agreement on our new capitapl structure and emerge from bankruptcy Life insurance giant could keep Crescent Resourcesw as its joint development partner on the new 20-story Phipps commercial real estate brokers and developers have said.
And Manulifes has options to see the building through to brokers and developershave said. Phipps Tower is a nearlhy 500,000-square-foot building next to Phipps Plazain Atlanta’s posh Buckheas area. Crescent Resources is active in commercial and residential real estate development and land managemenf across the Southeast and Southwest and hascreatedd mixed-use developments, business and industrial parks, country-club communities, single-family neighborhoodas and apartment and condo complexes.
It has 38 residentialk communities under development inthe Carolinas, Georgia, Texas, Florida and and is currently building 1,200 apartment It also owns 75,000 acres of Crescent has 264
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