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Developer files for bankruptcy protection

Bethany Fuller mooresvilletribune.com
Developer files for bankruptcy protection - Developers - United States - Real Estate - Bankruptcy

Real estate developer Crescent Resources announced this week it is filing for Chapter 11 bankruptcy.

Falls Cove Development LLC in Troutman is one of the properties involved in the voluntary petitions the Charlotte-based development company filed with U.S. Bankruptcy Court in the Western District of Texas, Austin Division, in order to reduce the company's debt level and improve its capital structure.
Crescent has raised $110 million from a group of existing lenders to operate its ongoing business activities.

The company — a joint venture between Duke Energy and Morgan Stanley Real Estate Fund — is $1.9 billion in debt.


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