Crescent Resources filed for bankruptcy in an Austin, Texas bankruptcy court Friday. According to the court filing, the developer is seeking a reoganization plan that would cut about $1 billion of the company's secured debt. 

The reorganization plan would give all secured creditors the equity in the company. Unsecured creditors would likely receive some of the owed proceeds through the company trust. 

If your company is considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater, Kennon, & Jameson, LLP, at 512-338-1100.