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Crescent Files For Ch. 11 To Revamp Capital Structure

Law360 (June 10, 2009, 12:00 AM EDT) -- Crescent Resources LLC, a joint undertaking of Duke Energy Corp. and Morgan Stanley Real Estate Funds, said Wednesday it was seeking bankruptcy protection to ease its debt load and revamp its capital structure, amid an economic crisis battering it and other real estate developers.

Crescent Resources announced that it had voluntarily filed for Chapter 11 that day in the U.S. Bankruptcy Court for the Western District of Texas.

The company has obtained a debtor-in-possession financing facility of $110 million so it can continue operating during the...
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