Crescent files Chapter 11, replaces CEO - Business First of Buffalo:

http://portableshareware.com/browse-audio-2_3.html
The moves are part of an effortr to cutthe company’s debt and rework its capital structures, the Charlotte, N.C.-baseds developer says. and some of its subsidiariess have filed voluntary Chapter 11 petitions in the in the Westerh Districtof Texas, Austin Division. Crescent also announced todag thatArthur Fields, the company’s chiedf executive officer, has retired, effective immediately. He will continuer to work in an advisory Crescent had been struggling to refinancea $1.2 billiom loan, with payment due in full by Septembert 2012. The company amended the loan in June 2008 because it was in violation of theoriginal terms.
Before the Chaptet 11 filing, Crescent facede payments of $50 million by the end of this $75 million in 2010 and $100 millionn in 2011 on its debt. The company, whicb has developed more than 1 milliojn square feet of office spacde in Cool Springs sincethe 1990s, has been facinyg local troubles, too. Pat Crescent’s long-time vice president and regional managefin Tennessee, left the company last month. And the developer’w Crescent’s Greenway One, a $33 168,000-square-foot building near completion on Carothers has been boarded up for months as contractors filed millions of dollarsw in liensagainst it.
Anothed similarly sized Crescent project next to it is abouty 90 percent vacant a year afterbeint built. The company says it plans to continu businesses without any significant interruptionduring restructuring. Crescent has obtainex a debtor-in-possession financing facility of $110 million from a group of itsexistint lenders, which will provided funds so it can continue Andrew Hede will replace Fields as CEO and will be charger with leading the restructuring.
Hede, a managing director with LLC, has more than 15 yearsw of financial restructuring andbusiness “We have been in active discussionss with our lenders and other stakeholders as we work toward an agreement that will brinhg our capital structure in line with the currentt economic environment,” Hede says in a “Those discussions are and we are pleasedx with the ongoing support we have receivec from our lenders. We intend to reach an agreement on our new capitakl structure and emerge frombankruptcyt quickly.
”