Crescent Resources has announced that it has filed a Plan of Reorganization and Disclosure Statement with the US Bankruptcy Court in the Western District of Texas, Austin Division. The Plan was filed by the company and certain of its subsidiaries. It is supported by a significant group of it’s pre-petition lenders.
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Crescent Resources anticipates an emergence from the financial restructuring with an improved balance sheet and less debt. Pursuant to the terms of the plan, the company’s outstanding secured debt will be reduced to $465 million, $1 billion less than the amount currently owed. The company is also soliciting proposals for an exit financing of $125-$150 million. Proceeds will be used to refinance outstanding Debtor in Possession borrowings, fund exit costs, and provide significant working capital.
Crescent Resources, LLC, is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte, Crescent Resources is a joint venture between Duke Energy and the Morgan Stanley Real Estate Funds. Established in 1969, Crescent creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.
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