Crescent Resources gets OK for

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On Wednesday, the real estate development company and 120 of its saddled with morethan $1 billioh in liabilities, filed for voluntary Chapter 11 bankruptcy protection. The courtr approved motions that, among other •Permit Crescent to pay employee employee benefits andreimbursable expenses; •Grant immediate access, on an interim basis, to $35 millionb of the company’s $110 million debtor-in-possession financing •Authorize the company to use its existinbg cash-management systems and give it access to its cash to fund ongoinv operations.
“Receiving approval of our first-day motionxs so quickly sets Crescent Resources on a very strongy footing as we move towards restructuring the saysAndrew Hede, the company’s chief executive and chietf restructuring officers. “Our first-day motions will enable the company to continu enormal operations. We appreciate the support of our customers, vendors and and are pleased that we can honod key agreements with them while we create the righ capital structure forthe company.” Crescent has more than 5,000 according to its Chapter 11 Its assets are estimated at more than $1 billion. , , and are among Crescent’as largest unsecured creditorsin Charlotte.
The company jointly owned by Charlotte-based and (NYSE:MS) — is best knownj here for high-end real estate communitiesa such as The Peninsula and BallantyneCountru Club. Charlotte-based Crescent is active in commerciall and residential real estate development and land management across the Southeasytand Southwest, with interests in 10 Its portfolio includes mixed-use developments, business and industrial parks, country-clubn communities, single-family neighborhoods and apartment and condo complexes.