LandMar files for bankruptcy - Jacksonville Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatees that filed along with itsparent company, Charlotte-based , in the Westernm District of Texas. Crescent’s estimated liabilities are morethan $1 according to the and its largest debt, at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’e Web site, for the companyy to reorganize its finances, reduce its debt levepl and improve its capital structure.
Crescen intends to operate its continuing businesses without any significan interruption during the restructuring procesa because of a recentlyobtained debtor-in-possession financint facility of $110 million from a group of its existing lenders, according to the Andrew Hede, Crescent’s chief restructuring has been named CEO while its forme r chief executive, Arthur Fields, has retirex and will work with Crescent in an advisory capacity.
“W e have been in active discussionds with our lenders and other stakeholderas as we work towards an agreement that will bring our capitalk structure in line with the currenteconomidc environment,” Hede said in a statement on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shore up its balance sheet for including selling some of its The company is jointly owned by DUK) and Morgan Stanley and has 38 residentialk communities under development in the Georgia, Texas, Arizona and Florida.
Crescenf acquired a controlling interest in LandMar in butleft LandMar’s founder, Ed in control of the company until he resignee after a failed attempt to buy back the companyy in 2007. The Jacksonville Economic Development Commission authorized city lawyerw in May to start the foreclosure process onthe 41-acrer parcel that was to be the Shipyards. Plans for the Shipyards includedf 1 million square feet ofoffice space, 100,0090 square feet of commercial space, 662 residential 350 hotel rooms and 150 marinza slips. LandMar has developed or had plans to develo p dozens more properties in Florida and throughoutthe Southeast.