Crescent files Chapter 11, replaces CEO - Dayton Business Journal:

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The moves are part of an effort to cutthe company’sx debt and rework its capital the Charlotte, N.C.-based developer says. and some of its subsidiariez have filed voluntary Chapter 11 petitions in the in the Westerbn Districtof Texas, Austin Division. Crescent also announced todayu thatArthur Fields, the company’s chief executivre officer, has retired, effective immediately. He will continues to work in anadvisoryt capacity. Crescent had been strugglingh to refinancea $1.2 billion loan, with payment due in full by September 2012. The compan amended the loan in June 2008 because it was in violatiom of theoriginal terms.
Before the Chapter 11 filing, Crescent faced payments of $50 million by the end of this $75 million in 2010 and $100 milliohn in 2011 on its debt. The which has developed more than 1 million square feet of office space in Cool Springs sincthe 1990s, has been facing local troubles, too. Pat Emery, Crescent’s long-timse vice president and regional managerin Tennessee, left the company last month. And the developer’s Crescent’x Greenway One, a $33 million, 168,000-square-foot building near completionm onCarothers Parkway, has been boarded up for months as contractors filed millions of dollars in liens against it.
Another similarly sized Crescenr project next to it is about 90 percent vacant a year aftebeing built. The company says it plan s to continue businesses without any significant interruptiojduring restructuring. Crescent has obtainede a debtor-in-possession financing facility of $110 million from a grou of itsexisting lenders, whicnh will provide funds so it can continue Andrew Hede will replace Fields as CEO and will be chargedx with leading the restructuring. a managing director with LLC, has more than 15 yearsd of financial restructuring andbusiness experience.
“We have been in active discussion with our lenders and other stakeholders as we work towar d an agreement that will bring our capitalk structure in line with the current economic environment,” Hede says in a “Those discussions are continuing, and we are pleased with the ongoinb support we have received from our We intend to reach an agreement on our new capitapl structure and emerge from bankruptcy