Crescent Resources Receives Final Court Approval for $110 Million DIP Facility
Financing will allow the company to continue normal operations during its restructuring.
Palm Coast, FL – July 25, 2009 (BUSINESS WIRE) – Crescent Resources announced Wednesday that the U.S. Bankruptcy Court in the Western District of Texas has granted final approval of the company’s $110 million debtor-in-possession (DIP) credit financing. The court had previously granted Crescent interim authority to access $35 million of the DIP facility. Approval of Crescent’s DIP financing will allow the company to continue normal operations during its restructuring and enable the company to meet its working capital and general business needs.
Andrew Hede, chief executive officer of Crescent Resources, said, “We are pleased to have received final Court approval of our DIP credit facility, which will provide the company with the financial flexibility necessary to continue operations as usual throughout the remainder of the restructuring process. This is a key step forward as we restructure our balance sheet and position Crescent for a stable future.”
The Crescent Resources Chapter 11 case was filed on June 10, 2009 in the U.S. Bankruptcy Court, Western District of Texas. It included 130 affiliated entities, several with a presence in Palm Coast and Flagler County. For more information about Crescent Resource’s restructuring, please visit www.crescent-resourcesinfo.com.
Cresent
Why would anyone in thier right mind do future business with Cresent? By filing this action vendors, suppliers, etc. will be forced to settle for pennies on the dollar for goods and services provided before filing. mean while the fools who ran the company into the ground are reqarded with outlandish salraries, bonuses and other perks. The parent company (Duke / MS)laugh all the way to the bank with your money. Filing of bancrupcy should automatically trigger firing of all executives, cancellation of executive pensions, bonues and perks. Clawbacks from Duke & MS should make vendors, suppliers, local government’s, stockholders and bondholders whole. Legal fees should be witt held until all other debts have been satisfied.
Reply to John Boy
I don’t understand your reasoning. As a former employee of a bankrupt real estate company, I can tell you that the "executives" you mention completely turned over – meaning that they weren’t around to reap the alleged benefits that you and others like you seem to think they did. Was this bankruptcy some diabolical ingenious plan to screw everyone out of their money, or was it simply the result of an unprecedented market collapse?
From first hand knowledge, I can tell you that the "outlandish salaries" and all bonuses went away with the market. The media would have you believe that bankruptcy is something that all these big companies want. In reality it is the last resort to salvage the best value from a set of assets.