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

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The moves are part of an effor to cutthe company’s debt and reworki its capital structures, the Charlotte, N.C.-basefd developer says. and some of its subsidiarie have filed voluntary Chapter 11 petitionse in the in the Western Districtrof Texas, Austin Division. Crescent also announced today thatArthufr Fields, the company’s chief executive has retired, effective immediately. He will continuee to work in anadvisory capacity. Crescent had been strugglintg to refinancea $1.2 billion with payment due in full by Septemberr 2012. The company amended the loan in June 2008 because it was in violation of theoriginal terms.
Before the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its The company, which has developerd more than 1 million squars feet of office space in Cool Springe since the 1990s, has been facing locall troubles, too. Pat Emery, Crescent’s long-time vice president and regional managerin Tennessee, left the compangy last month. And the developer’ss Crescent’s Greenway One, a $33 million, 168,000-square-foot building near completion onCarothers Parkway, has been boardedd up for months as contractors filed millions of dollars in liens against it.
Another similarly sizedd Crescent project next to it is about 90 percenrt vacant a year afterbein built. The company says it plans to continuwe businesses without any significant interruption during Crescent has obtaineda debtor-in-possession financing facility of $110 millio from a group of its existing which will provide funds so it can continuew operating. Andrew Hede will replace Fieldse as CEO and will be charged with leadingthe Hede, a managing directotr with LLC, has more than 15 years of financial restructuring and business experience.
“We have been in activew discussions with our lenders and othef stakeholders as we work toward an agreemengt that will bring our capital structure in line with the currenteconomic environment,” Hede says in a “Those discussions are and we are pleasee with the ongoing supporr we have received from our We intend to reacnh an agreement on our new capitall structure and emerge from bankruptcy