Crescent Resources of Charlotte, South Carolina has filed for Chapter 11 bankruptcy protection in the Western District of Texas in Austin. The company is still reeling from a $420 million net loss in 2008, compared with their 2007 net gain of $76 million.

The company is currently dealing with $1.4 billion in debt but plans to reorganize quickly. The new CEO has said that believes the company's business model is still very solid and will work in the future.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.