Crescent Resources to Exit Chapter 11 in June

Austin TX Federal bankruptcy court approves Crescent’s plan for reorganization.

Palm Coast, FL – May 24, 2010 – Today, a Federal bankruptcy court in Austin TX approved Crescent Resource’s plan for reorganization that will allow the company to exit chapter 11 bankruptcy in early June. Crescent was once the darling real estate development arm of Duke Energy. Crescent owned and developed extensively in Northeast Florida, primarily through its LandMar Group subsidiary.
Crescent and 120 of its subsidiaries filed for protection from creditors a year ago, listing approximately 1.5 billion in debts. The reorganization plan reduced the debt to $465 million. The lender group will become the new owners. Duke Energy and Morgan Stanley Real Estate Fund will lose their equity interest.
The company has yet to release any plans affecting their Florida operations.
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1 reply
  1. brian anderson
    brian anderson says:


    At river hall, on saturday, we had MG rummaging around and supposidly today also. Residents are all wondering
    I do not know if this devil we do know
    could be worse than the one we do not

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