Crescent Resources files Chapter 11 bankruptcy

Crescent Resources, a major Southeast developer of residential communities including the Palmetto Bluff and Oldfield golf course communities in South Carolina, has filed for Chapter 11 bankruptcy protection for itself and its numerous affiliate companies.
Officials of Crescent, a joint venture between Duke Energy and Morgan Stanley Real Estate Funds, said that the Chapter 11 protection will enable the company to reorganize and to maintain its current operations, including the two golf courses.
In 2008, Crescent reported a net loss of $420 million on $407 million in revenue, compared with a net income of $76 million the previous year.    

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