Jun
18

Little Fallout Expected From Crescent Bankruptcy

By
– upstatetoday.com

The local impact of last week’s bankruptcy filing by Crescent Resources is expected to be minimal.

Crescent is a joint venture of Duke Energy and Morgan Stanley Real Estate Funds. It is the principle agent for development of properties around Lake Keowee and Lake Jocassee.

On June 10, the real estate development company and 120 of its subsidiaries, saddled with more than $1 billion in liabilities, filed for voluntary Chapter 11 bankruptcy protection. The firm has over 5,000 creditors and reportedly faced payments of $50 million by the end of this year, $75 million in 2010 and $100 million in 2011 on its debt.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.upstatetoday.com/news/2009/jun/17/little-fallout-expected-crescent-bankruptcy/

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