Crescent Resources Finds Life After Bankruptcy
Recently, Crescent Resources has announced it has climbed out of Chapter 11 bankruptcy protection. This was accomplished through removing nearly $1 billion in debt.
Prior to filing for bankruptcy, Crescent Resources had been a residential, real estate joint venture between Duke Energy Corporation and the Morgan Stanley Real Estate Fund. It served as a real estate developer and land management company, paying special attention to both the South eastern and western territories.
Crescent Resources has interests in 10 states throughout the southeastern and southwestern United States. Based in Charlotte, North Carolina and established back in 1969, Crescent Resources helps create and develop single-family neighborhoods, and apartment/condominium communities.
Chief Executive Officer and Chief Restructuring Officer of Crescent Resources, Andrew Hede said, “Today is a very proud day for Crescent Resources…In the last 12 months, we have significantly strengthened the financial position of the company, while continuing to operate effectively and successfully. With the restructuring behind us, we emerge a much stronger entity, well positioned for future growth and able to deliver the high level of service our customers have come to expect. I would like to emphasize our appreciation for our employees, partners, and all our stakeholders who have made this day possible thanks to their commitment and support throughout this process.”
Crescent Resources filed for Chapter 11 protection with the Texas Bankruptcy Court on June 10, 2009. Crescent then filed its plan of reorganization on January 29th, earlier this year. Its plan of reorganization was confirmed by the Court on May 24th.