Crescent Resources LLC, a real estate developer in Texas and seven other states, has emerged from bankruptcy after filing for Chapter 11 bankruptcy a year ago with the U.S. Bankruptcy Court in Austin, Texas.  Chapter 11 bankruptcy allows a business to continue operations under the supervision of a court while they reorganize and pay off debts.

At the time the company filed for bankruptcy protection they had debts of at least $3 billion.   So far, Crescent Resources has payed off $1 billion to lenders.   Chief Executive Andrew Hede stated, “With the restructuring behind us, we emerge a much stronger entity, well positioned for future growth and able to deliver the high level of service our customers have come to expect”.

Crescent received $150 million in bankruptcy-exit financing from lenders UBS AG and Aladin Capital.  The money will fund exit costs, provide capital, and refinance their debtor-in-possession loan.

If you or someone you know is considering filing for bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.