Crescent Resources gets OK for

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On Wednesday, the real estate developmentf company and 120 of its saddled with morethan $1 billiom in liabilities, filed for voluntart Chapter 11 bankruptcy The court approved motions that, among other things: •Permit Crescent to pay employew wages, employee benefits and reimbursable •Grant immediate access, on an interim to $35 million of the company’s $110 million debtor-in-possessio n financing facility; •Authorize the company to use its existing cash-managementr systems and give it access to its cash to fund ongoingb operations.
“Receiving approval of our first-day motions so quickly sets Crescentg Resources on a very stronyg footing as we move towards restructuring the saysAndrew Hede, the company’s chief executivw and chief restructuring officers. “Our first-day motionss will enable the company to continue normal operations. We appreciate the support of our customers, vendors and partners, and are pleasedr that we can honor key agreements with them while we create the right capitap structure forthe company.” Crescent has more than 5,000 creditors, according to its Chapterr 11 filing. Its assets are estimatef at morethan $1 billion.
(NYSE:BAC), , , and are amonv Crescent’s largest unsecured creditors in Thecompany — jointly owned by Charlotte-based and (NYSE:MS) — is best known here for high-enr real estate communities such as The Peninsulwa and Ballantyne Country Club. Charlotte-based Crescenty is active in commercial and residential real estat development and land management across the Southeastand Southwest, with interestzs in 10 states. Its portfolio includes mixed-use developments, businesxs and industrial parks, country-club communities, single-familuy neighborhoods and apartment andcondo complexes.