May
08

Bankruptcy Is Possible For Crescent Resources

By
– IndependentTribune.com

Charlotte-based development company Crescent Resources could file for bankruptcy protection as it struggles with the slumping real estate market, a Duke Energy executive told the Observer on Tuesday.

Duke, which owns the company in a joint venture with Morgan Stanley Real Estate, said as part of its first-quarter earnings Tuesday that it took $33 million in charges for Crescent debt it has guaranteed.

Duke created Crescent in 1969 to manage its surplus land.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www2.independenttribune.com/content/2009/may/06/bankruptcy-possible-crescent-resources/news-local/
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