Deeds and WeedsJune 12, 2009

Crescent Files For Chapter 11

Crescent Resources, a Charlotte, N.C.-based real estate development company with golf course communities in Arizona, Georgia, Florida, Texas and North and South Carolina -- and, reportedly, $1.4 billion in debt -- has filed for Chapter 11 bankruptcy. Details in this story in Thursday's edition of the Island Packet, the newspaper serving Hilton Head Island, S.C.Â

Two of Crescent's best-known developments are Palmetto Bluff, a 20,000-acre master-planned community in Bluffton, S.C., that features an award-winning Jack Nicklaus golf course, and Oldfield, in nearby Beaufort, which has a Greg Norman-designed course as its centerpiece.

According to the story, Crescent is hoping for a "quick" turnaround, and has already raised $110 million from lenders in order to keep operating during its reorganization.Â

"Our ongoing operations will continue without any significant interruption during this process," Crescent said in a statement on its website. "We intend to maintain the high level of service and amenities our residents and customers have come to expect."

The Island Packet said Crescent reported a $420 million loss in 2008, on revenues of $407 million.Â

-- G.R.