Real estate company Crescent Resources emerges from Chapter 11 bankruptcy protection

Crescent Resources emerges from Chapter 11

CHARLOTTE, N.C. — Crescent Resources said Friday it emerged from Chapter 11 bankruptcy protection after eliminating more than $1 billion in debt.

Before its bankruptcy filing, Crescent was a residential real estate joint venture between Duke Energy Corp. and Morgan Stanley Real Estate Fund. It is a real estate development and land management company focused on the Southeast and Southwest.

Crescent filed for bankruptcy protection last June.

Shares of Duke Energy slipped 5 cents to $16.19.

(This version CORRECTS to note that Crescent was formerly a joint venture.)