Crescent Resources files Chapter 11 - Boston Business Journal:

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In September 2006, Duke enterexd into a joint venture with Morgah StanleyReal Estate. Morgan paid Duke $415 million in cash and assume $656 million in debt for its stake in the thenworth $2.1 billion. As part of the transactiobn Crescentborrowed $1.2 billion and distributefd the proceeds to Duke to transfe r the debt off Duke’s balance sheet. Duke and Morgan Stanley each have a 49 percent staksin Crescent. The remaining 2 percent interest inCrescent — which wouldx have been worth $42 million when the deal closedd ­— was issued to former CEO Fields.
The disposition of that interesty will be determined throughn thereorganization proceedings, according to a spokesman for Crescent. Duke no longer reports Crescent’s financial results, but its own and those from Morgab Stanley, shed light on Crescent’s financial For 2008, Crescent lost about $470 of which Duke suffered about $230 million in losses, according to In the first quarter ofthis year, Crescent cost Duke and Morgamn Stanley about $150 million in direct lossesa and loan guarantees. The energy compang has guaranteedabout $100 million in surety bondd for Crescent, for which it has paid out at leas t $33 million.
Duke pegs its totall exposure atabout $40 million for the Crescent is active in commercial and residentialk real estate development and land management across the Southeast and Southwest, with interests in 10 Crescent’s portfolio includes mixed-use developments, businesd and industrial parks, country-club communities, single-family neighborhoodas and apartment and condo complexes. In the late Crescent expanded into developments such as The itsfirst country-club community and Coliseum its first office park. The companu developed Sugarloaf Country Club near Atlanta in the Developments that followed include Ballantyne andThe Sanctuary.
Cresceng also expanded into Texas, Arizona and Last year, Crescent introduced its Circlwe apartment communities and is developing two of them in theCharlotts region. The company has 38 residential communities unded development inthe Carolinas, Texas, Florida and Arizona, and is currently building 1,2000 apartment units. It also owns 75,000 acreas of land. Crescent has 264 employees.