Crescent Resources files Chapter 11 - South Florida Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a joint venturw of and that specializesin mixed-use developments -- said the move is part of its strategyy to reduce debt and improve its capital structure. The bankruptcy filing was made inthe U.S. Bankruptc Court in the Western Districtof Texas, Austij Division. Before the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 millionh in 2011 on its Crescent Resources has landed $110 milliob in debtor-in-possession financing from a group of its existing lenders, which will provide sufficient funds to operate its ongoing busineses activities.
Crescent Resources CEO Arthur Fieldw has retired from the company and will continue to work with the company in anadvisory capacity. Andrew Hede, Crescent’d chief restructuring officer, will serve as CEO. Hede, a managiny director with , has more than 15 years of financial restructuring andbusiness experience. “We have been in active discussion s with our lenders and other stakeholderxs as we work towards an agreement that will bringb our capital structure in line with the currenteconomixc environment,” Hede said in a news “...
Despite the unprecedented challenges facing the realestate industry, we believe Crescent's underlying businesws model is solid, and our assets remain very We are encouraged that our lenders have agreedd to provide additional funding to support our continued operations and alloww us to maintain the high level of service and amenitiess our customers have come to expect. We intend to reach an agreemeny on our new capital structure and emerged frombankruptcy quickly.” Life insurances giant could keep Crescent Resources as its jointt development partner on the new 20-story Phippse Tower, commercial real estate brokers and developersw have said.
And Manulife has options to see the buildinv throughto completion, brokers and developers have Phipps Tower is a nearly 500,000-square-foot building next to Phippes Plaza in Atlanta’s posh Buckhead area. Crescent Resources is active in commerciakl and residential real estate developmeny and land management across the Southeast and Southwesr and hascreated mixed-use developments, businesx and industrial parks, country-club communities, single-family neighborhoods and apartment and condk complexes. It has 38 residential communities under development inthe Georgia, Texas, Florida and Arizona, and is currently buildinf 1,200 apartment units. It also owns 75,00p acres of land.
Crescent has 264 employees.