Crescent Resources gets OK for

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On Wednesday, the real estate development company and 120 ofits subsidiaries, saddled with more than $1 billionh in liabilities, filed for voluntary Chapter 11 bankruptct protection. The court approved motionss that, among other things: •Permitf Crescent to pay employee wages, employe benefits and reimbursable expenses; •Grant immediate access, on an interim basis, to $35 million of the company’s $110 million debtor-in-possessioh financing facility; •Authorize the companhy to use itsexisting cash-management systems and give it acces to its cash to fund ongoing operations.
“Receivingy approval of our first-day motions so quickly sets Crescent Resourcese on a very stron footing as we move towards restructuring the saysAndrew Hede, the company’s chiefg executive and chief restructuring officers. “Oure first-day motions will enable the company to continueenormal operations. We appreciate the supportt of our employees, customers, vendors and partners, and are pleasec that we can honor key agreements with them whilwe we create the right capital structure forthe company.” Crescent has more than 5,000 creditors, according to its Chapter 11 Its assets are estimated at more than $1 billion.
(NYSE:BAC), , , and are among Crescent’s largest unsecured creditors in Charlotte. The company — jointlty owned by Charlotte-based (NYSE:DUK) and — is best known here for high-end real estat communities such as The Peninsula and BallantyneCountry Charlotte-based Crescent is active in commercia l and residential real estate developmenr and land management across the Southeast and Southwest, with interests in 10 Its portfolio includes mixed-use developments, business and industriall parks, country-club communities, single-family neighborhoods and apartmentf and condo complexes.