LandMar files for bankruptcy - Houston Business Journal:

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The Jacksonville-based residential development company was among 125 affiliates that filecd along with itsparent company, Charlotte-based , in the Westernb District of Texas. Crescent’s estimated liabilities are morethan $1 billion, according to the and its largest debt, at $13.7 million, is to Bank of America. The filint was necessary, according to a statemen on Crescent’s Web site, for the companhy to reorganizeits finances, reduce its debt levelp and improve its capital structure.
Crescent intends to operate its continuing businessexs without any significant interruption duringb the restructuring process becauser of a recentlyobtained debtor-in-possession financing facility of $110 milliomn from a group of its existing lenders, accordingv to the statement. Andrew Crescent’s chief restructuring officer, has been namex CEO while its formerrchief executive, Arthur Fields, has retirecd and will work with Crescent in an advisory “We have been in active discussionsz with our lenders and other stakeholderse as we work towards an agreement that will bring our capital structure in line with the currentf economic environment,” Hede said in a statement on the company’se Web site.
Charlotte-based Crescent has been pursuing alternatives to shorde up its balance sheetfor months, includingh selling some of its The company is jointly owned by DUK) and Morgan Stanley and has 38 residential communitiesa under development in the Georgia, Texas, Arizona and Florida. Crescentr acquired a controlling interesft in LandMarin 1999, but left LandMar’sx founder, Ed Burr, in control of the companyt until he resigned after a faile d attempt to buy back the company in 2007.
The Jacksonvillew Economic Development Commission authorized city lawyers in May to startg the foreclosure process onthe 41-acre parce that was to be the Plans for the Shipyards includef 1 million square feet of office space, 100,000 squared feet of commercial space, 662 residentiapl units, 350 hotel rooms and 150 marinaw slips. LandMar has developed or had plans to develop dozenxs more properties in Floridaa and throughoutthe Southeast.