Thank you for visiting the restructuring page of the Crescent Resources website.
Crescent Resources continues to make progress toward successfully completing its restructuring and securing a stronger financial foundation for the company.
On January 29, 2010, Crescent Resources and certain of its subsidiaries filed a Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court in the Western District of Texas, Austin Division. This Plan marks the final stage in the restructuring process and already has the support of a large group of our lenders. While the Plan remains subject to Court approval, we expect to emerge from Chapter 11 during the early part of the second quarter of 2010.
Importantly, we expect to emerge with a significantly improved balance sheet and with substantially less debt. This will provide us with a capital structure more in line with current market conditions and give us greater financial flexibility to execute our business plan and operate the company long-term.
There are still a few steps we need to take as we approach emergence, including final confirmation from the Court of the Plan. In addition, we are currently in the process of securing $125 -150 million in exit financing to support continued operations of our business.
In the meantime, it is “business as usual” at our operations. Our highly experienced team remains focused on what we do best – to create, manage and sell first-class developments, communities and real estate.
This is very positive news for the company, and I want to thank you all of our constituents for their support and cooperation over the last several months.
For more information, please call the Crescent Resources Restructuring Hotline at 1-877-204-8611. We will keep you updated as things progress.
Sincerely,
Andrew Hede
Chief Executive Officer
