Crescent's Troubles Mirror Real Estate's Fall

CHARLOTTE, NC-The regional developer faces bankruptcy amid $1.4 billion in debt.

By Carl Cronan | May 07, 2009 at 10:29 PM

Charlotte Observer

Art Fields, Crescent's president and CEO, says the company is working with lenders and owners to "right size" its business. "We are evaluating many alternatives with our key stakeholders, one of which includes a potential bankruptcy filing," Fields stated.

Duke Energy Corp. sold a 49% stake in Crescent to Morgan Stanley Real Estate three years ago, which led to Crescent taking on $1.2 billion in debt. To read more about Crescent's current troubles, click here for a full report by the Charlotte Observer.

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