LandMar files for bankruptcy - Boston Business Journal:

http://catslv.org/mbrshp.html
The Jacksonville-based residential development company was amon g 125 affiliates that filed alon g with itsparent company, Charlotte-basecd , in the Western 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 statemen on Crescent’s Web site, for the company to reorganizwe its finances, reduce its debt level and improve its capita l structure.
Crescent intends to operate its continuingy businesses without any significant interruption during the restructuring processe because of a recentlyobtainesd debtor-in-possession financing facility of $110 millioh from a group of its existing according to the statement. Andrew Hede, Crescent’w chief restructuring officer, has been namede CEO while its formerchiefc executive, Arthur Fields, has retired and will work with Crescent in an advisory capacity.
“We have been in active discussions with our lenders and other stakeholdersa as we work towards an agreemen t that will bring our capitakl structure in line with the currenteconomivc environment,” Hede said in a statement on the company’e Web site. Charlotte-based Crescent has been pursuing alternatives to shore up its balance sheeffor months, including selling some of its The company is jointly ownef by (NYSE: DUK) and Morgan Stanlet and has 38 residentialo communities under development in the Carolinas, Georgia, Texas, Arizona and Florida.
Crescent acquired a controlling interest in LandMatin 1999, but left LandMar’s founder, Ed in control of the company until he resignexd after a failed attempt to buy back the compant in 2007. The Jacksonville Economic Developmenft Commission authorized city lawyers in May to staryt the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million square feet of officw space, 100,000 square feet of commercialk space, 662 residential units, 350 hotel roomss and 150 marina slips. LandMa has developed or had plans to develop dozens more properties in Florida and throughoutthe Southeast.