Crescent Resources gets OK for

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On Wednesday, the real estate development companyt and 120 of its saddled with morethan $1 billion in filed for voluntary Chapter 11 bankruptcy protection. The court approvedr motions that, among other things: •Permit Crescenr to pay employee employee benefits andreimbursable expenses; •Granty immediate access, on an interim to $35 million of the company’s $110 millio n debtor-in-possession financing facility; •Authorize the compant to use its existing cash-management systems and give it accesws to its cash to fund ongoing operations.
“Receivingh approval of our first-day motionss so quickly sets Crescent Resources on a very strongf footing as we move towards restructuring the saysAndrew Hede, the company’zs chief executive and chiefc restructuring officers. “Our first-day motions will enable the company to continuesnormal operations. We appreciate the support of our employees, customers, vendors and partners, and are pleased that we can honof key agreements with them while we create the rightr capital structure for the Crescent has morethan 5,000 according to its Chapter 11 Its assets are estimated at more than $1 (NYSE:BAC), , , and are among Crescent’s largest unsecured creditors in Charlotte.
The compang — jointly owned by Charlotte-based (NYSE:DUK) and — is best knowjn here for high-end real estate communities such as The Peninsulaa and BallantyneCountry Club. Charlotte-based Crescent is active in commercial and residential real estate development and land management across the Southeasgtand Southwest, with interests in 10 states. Its portfolio includes mixed-use developments, business and industria l parks, country-club communities, single-family neighborhooda and apartment andcondo