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Crescent Resources Files Chapter 11

CHARLOTTE, NC-The regional developer plans to restructure with $110 million financing.

By Carl Cronan | Updated on June 10, 2009

CHARLOTTE, NC-Locally based Crescent Resources LLC, a leading commercial real estate developer throughout the Southeast, has filed for Chapter 11 protection with the US Bankruptcy Court in Austin, TX. The petition includes 120 subsidiaries and lists more than $1 billion in assets and liabilities, along with more than 5,000 creditors.

Arthur Fields, the company’s CEO, has retired from the company and will continue to work in an advisory role. Andrew Hede, its restructuring officer and managing director with Alvarez & Marsal North America,, will take on additional duties as Crescent CEO.

Crescent plans to continue operating with no significant interruption during its corporate restructuring. The company also says it has obtained debtor-in-possession financing of $110 million from a group of its existing lenders, providing sufficient funds to operate ongoing business activities.

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