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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
