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Charlotte, N.C.-based Crescent Resources -- a joinr venture of and that specializeasin mixed-use developments -- said the move is part of its strateg y to reduce debt and improve its capitapl structure. The bankruptcy filing was made inthe U.S. Bankruptcgy Court in the Western Districtof Texas, Austim Division. Before the Chapter 11 filing, Crescengt faced payments of $50 milliojn by the end of this $75 million in 2010 and $100 milliobn in 2011 on its debt. Cresceng Resources has landed $110 million in debtor-in-possession financin g from a group of its existing which will provide sufficient funds to operate its ongoinybusiness activities.
Crescent Resources CEO Arthufr Fields has retired from the company and will continu to work with the company in anadvisorg capacity. Andrew Hede, Crescent’s chief restructuring will serveas CEO. a managing director with , has more than 15 years of financialp restructuring andbusiness experience. “We have been in active discussionsd with our lenders and other stakeholders as we work towardd an agreement that will bring our capitak structure in line with the currentreconomic environment,” Hede said in a news release. Despite the unprecedented challenges facinbg the real estate webelieve Crescent's underlying business modekl is solid, and our assetz remain very attractive.
We are encouraged that our lendersd have agreed to provide additional funding to support our continues operations and allow us to maintain the high levep of service and amenities our customers have cometo expect. We intend to reach an agreementg on our new capital structurd and emerge frombankruptcy quickly.” Life insurance giantr could keep Crescent Resources as its joint developmenrt partner on the new 20-story Phipps Tower, commercial real estated brokers and developers have said.
And Manulif has options to see the building througuhto completion, brokers and developers have Phipps Tower is a nearly 500,000-square-foot building next to Phipps Plaza in Atlanta’s posh Buckhear area. Crescent Resources is active in commercial and residential real estats development and land management across the Southeast and Southwest and hascreated mixed-use developments, business and industrial parks, country-club single-family neighborhoods and apartment and condo complexes. It has 38 residentiap communities under development inthe Carolinas, Texas, Florida and Arizona, and is currently building 1,2009 apartment units. It also owns 75,000 acress of land.
Crescent has 264
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