Crescent Resources receives $150 million exit financing commitment

By Caroline Salls

Pittsburgh, May 24 - Crescent Resources LLC has secured a commitment for $150 million of exit financing from a group of lenders led by UBS and Aladdin Capital, according to a company news release.

As previously reported, the company received court approval in April of a commitment for $125 million in exit financing from UBS and Aladdin.

According to Monday's release, the proceeds of the upsized $150 million loan will be used to refinance Crescent's outstanding debtor-in-possession financing, fund exit costs and provide working capital for the company's operations.

The terms of the commitment were not included in the release.

Crescent's plan of reorganization was confirmed Monday by the U.S. Bankruptcy Court for the Western District of Texas. The company said the plan confirmation positions it to emerge from bankruptcy in early June.

Crescent, a Charlotte, N.C., land management and real estate development company, filed for bankruptcy on June 10, 2009. Its Chapter 11 case number is 09-11507.

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