Crescent Resources seeks 60-day exclusivity extension to develop plan

By Alice Popovici

New York, Sept. 15 - Crescent Resources, LLC requested a 60-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Texas.

The company wants to extend its exclusive plan-filing period to Dec. 7 from Oct. 8 and the solicitation period to Feb. 5 from Dec. 7.

Crescent Resources said it has been working with lenders and the creditors committee in the months since filing for bankruptcy and has developed a business plan which will serve as the basis for its plan of reorganization, but it needs more time to analyze "various projects, assets, liabilities and contracts."

In addition, the company has not calculated its potential exposure to administrative, priority and unsecured claims, the motion states, and "such analysis is necessary to formulation of any Chapter 11 plan."

Crescent, a Charlotte, N.C., land management and real estate development company, filed for bankruptcy on June 10. Its Chapter 11 case number is 09-11507.

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