LandMar files for bankruptcy - Washington Business Journal:

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The Jacksonville-based residential development company was among 125 affiliatez that filed along with itsparent Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 according to the filing, and its larges t debt, at $13.6 million, is to Bank of The filing was necessary, according to a statementt on Crescent’s Web site, for the compangy to reorganize its finances, reduced its debt level and improve its capital structure.
Crescentr intends to operate its continuing businesses without any significant interruption during the restructuring process becausew of a recentlyobtaines debtor-in-possession financing facility of $110 millio from a group of its existinb lenders, according to the Andrew Hede, Crescent’s chief restructuring officer, has been named CEO whil e its former chief executive, Arthur Fields, has retired and will work with Crescen in an advisory capacity.
“Wde have been in active discussiones with our lenders and other stakeholderas as we work towardes an agreement that will bring our capital structurre in line with the currenteconomix environment,” Hede said in a statement on the company’sw Web site. Charlotte-based Crescent has been pursuintg alternatives to shore up its balance sheet for including selling some of its The company is jointly ownedby DUK) and Morgan Stanley and has 38 residentiakl communities under development in the Georgia, Texas, Arizona and Florida.
Crescen acquired a controlling interest in LandMar in butleft LandMar’s founder, Ed in control of the company until he resignede after a failed attempt to buy back the companyt in 2007. The Jacksonville Economic Development Commission authorizexd city lawyers in May to starr the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 millionj square feet of office space, 100,000 squarr feet of commercial space, 662 residential units, 350 hotel rooms and 150 marina slips. LandMar has developecd or had plans to developl dozens more properties in Florida and throughoutthe Southeast.