As recently reported in the Austin American Statesman, North Carolina based Crescent Resources LLC, a developer of high-end residential and mixed-use projects in 10 states, filed a massive bankruptcy case in Austin on Wednesday.
The developer listed both assets and liabilities of more than $1 billion and dozens of properties in the Southeast and Southwest.
According to the Statesman, Crescent's Austin-based attorney, Eric Taube, said his firm would be filing a total of 120 cases for entities tied to the Crescent bankruptcy "throughout the day and throughout the evening."
Crescent is a joint venture between Duke Energy and Morgan Stanley Real Estate Funds.
DLG Luce LLP is a Texas civil litigation firm with offices in San Antonio and Austin, Texas. Our firm provides many legal services, including representing individuals in chapter 7 and Chapter 13 bankruptcies. To learn more about our firms bankruptcy practice group, click here.