Lender Gets OK To Fight Crescent Ch. 11 Plan

Law360, New York (April 26, 2010, 6:19 PM EDT) -- Alarmed by the control granted to Crescent Resources LLC's major lenders after reorganization, Five Mile Capital LLC has won a last-minute bid to urge fellow prepetition lenders to reject a plan that sheds roughly $1 billion in debt and hands the real estate company over to the secured creditors.

On Monday, Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the Western District of Texas determined that it is in the interest of all stakeholders to let Five Mile distribute a letter notifying the bankrupt...
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