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UPDATE 1-Developer Crescent Resources files for Chapter 11

Wed Jun 10, 2009 10:41pm EDT

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* Co says filed Chapter 11 to allow for restructuring

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* Has secured DIP financing of $110 mln (Adds detail)

NEW YORK, June 10 (Reuters) - Real estate developer Crescent Resources (CRC.V) on Wednesday said it had filed for bankruptcy protection to allow it to reduce debt and improve its capital structure.

The Charlotte, North Carolina-based company said it had also obtained Debtor-in-Possession (DIP) financing of $110 million from a group of lenders, which will provide sufficient funds to continue its business activities.

The company and its subsidiaries filed for Chapter 11 protection in the U.S. Bankruptcy Court in the Western District of Texas, Austin Division, according to a statement.

Chief Executive Arthur Fields has resigned, but will work with the company in an advisory capacity. Andrew Hede was appointed chief restructuring officer and CEO, effective immediately.

Crescent Resources is a joint venture of Duke Energy (DUK.N) and the Morgan Stanley Real Estate Funds. (Reporting by Lilla Zuill; Editing by Lincoln Feast)

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