Crescent files Chapter 11, replaces CEO - San Francisco Business Times:

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The moves are part of an effor to cutthe company’s debt and rework its capitao structures, the Charlotte, N.C.-based developer says. and some of its subsidiariex have filed voluntary Chapter 11 petitions in the in the Western Districtof Texas, Austinj Division. Crescent also announced today thatArthudr Fields, the company’s chief executive officer, has retired, effectivw immediately. He will continue to work in anadvisory capacity. Crescen had been struggling to refinancea $1.2 billion with payment due in full by Septembere 2012. The company amendedd the loan in June 2008 because it was in violationh of theoriginal terms.
Before the Chapter 11 filing, Crescen t faced payments of $50 millioh by the end of this year, $75 millionn in 2010 and $100 millionb in 2011 on its debt. The which has developed more than 1 million square feet of offices space in Cool Springs sincethe 1990s, has been facingf local troubles, too. Pat Emery, Crescent’s long-timee vice president and regional managerin Tennessee, left the companyu last month. And the developer’s Crescent’s Greenway One, a $33 million, 168,000-square-foot buildingy near completion onCarotherzs Parkway, has been boarded up for monthd as contractors filed millions of dollars in liene against it.
Another similarly sized Crescent projecty next to it is aboutt 90 percent vacant a year aftetrbeing built. The company says it plans to continuee businesses without any significant interruption during Crescent has obtaineda debtor-in-possession financing facility of $110 milliohn from a group of its existing which will provide funds so it can continued operating. Andrew Hede will replace Field as CEO and will be charged with leadinthe restructuring. Hede, a managing director with LLC, has more than 15 yeard of financial restructuring andbusinesds experience.
“We have been in activs discussions with our lenders and other stakeholdere as we work toward an agreementr that will bring our capital structure in line with the currentteconomic environment,” Hede says in a release. “Thosee discussions are continuing, and we are pleasesd with the ongoing suppory we have received fromour lenders. We intend to reac an agreement on our new capital structure and emerge frombankruptcyu quickly.
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