Crest Nicholson has completed a major debt restructuring which has "significantly strengthened" its balance sheet.<br> <br> <br> The housebuilder said that £359 million of its debt had been converted to equity. It now has pro forma net assets of £173 million. It still holds a senior debt facility of £150 million until September 2015.<br> <br> <br> "With a strong balance sheet and current cash balances approaching £100 million, Crest has a strong platform for implementing an ambitious medium term growth strategy," the housebuilder's statement read.<br> <br> <br> Crest also said that it had seen "strong summer sales". Over the past three months, open market reservations per outlet week averaged 0.67, against 0.56 over the same time period in 2010. Its open market average selling prices were "strongly ahead", thanks to more houses in the mix and price rises.<br> <br> <br> Crest's positive results were in line with those from several housebuilders this month, including Barratt, Galliford Try, Redrow and Bovis.