Crescent Resources Files Plan To Cut $1B In Debt

Law360, New York (February 1, 2010, 1:43 PM EST) -- Bankrupt real estate development company Crescent Resources LLC, which expects to emerge from Chapter 11 early in the second quarter of 2010, has filed a restructuring plan that it says would slash its outstanding secured debt by about $1 billion.

Crescent — a joint venture between Duke Energy and Morgan Stanley Real Estate Funds — filed the Chapter 11 plan and disclosure statement Friday in the U.S. Bankruptcy Court for the Western District of Texas.

Pursuant to the plan, which has the support of a significant...
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