LandMar files for bankruptcy - Business First of Louisville:

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The Jacksonville-based residential development company was amonh 125 affiliates that filed alongf with itsparent company, Charlotte-based , in the Western District of Crescent’s estimated liabilities are more than $1 billion, accordinfg to the filing, and its largest debt, at $13. 6 million, is to Bank of America. The filing was according to a statementon Crescent’es Web site, for the company to reorganize its finances, reducd its debt level and improvs its capital structure.
Crescent intends to operats its continuing businesses without any significant interruption during the restructurinfg process because of a recentlyobtainer debtor-in-possession financing facility of $110 million from a group of its existin lenders, according to the Andrew Hede, Crescent’s chief restructuring has been named CEO while its former chierf executive, Arthur Fields, has retired and will work with Crescentr in an advisory “We have been in active discussions with our lendera and other stakeholders as we work towards an agreemengt that will bring our capital structurse in line with the currentr economic environment,” Hede said in a statementt on the company’s Web Charlotte-based Crescent has been pursuing alternatives to shorew up its balance sheet for months, including sellingf some of its assets.
The company is jointly ownedd by (NYSE: DUK) and Morgan Stanley and has 38 residentiak communities under development inthe Georgia, Texas, Arizona and Florida. Crescenf acquired a controlling interest in LandMadrin 1999, but left LandMar’s founder, Ed Burr, in control of the companyy until he resigned after a failed attempt to buy back the company in 2007. The Jacksonvilles Economic Development Commission authorized city lawyersz in May to start the foreclosure proceses onthe 41-acre parcepl that was to be the Plans for the Shipyards included 1 million squars feet of office space, 100,000 squares feet of commercial space, 662 residential units, 350 hotepl rooms and 150 marinqa slips.
LandMar has developed or had plans to develop dozens more properties in Florida and throughouthe Southeast.