EXCO Resources Inc. today announced that Eugene I. Davis has been appointed to the Company's Board of Directors, effective July 8, 2019. Mr. Davis replaces David Dunn, who resigned effective July 8, 2019. Mr. Davis has nearly 40 years of experience in the oil and gas industry and brings to the EXCO Board a unique combination of leadership, consulting, and turnaround expertise. He is currently Chairman and Chief Executive [...]
Emerges from Chapter 11 with Significantly Enhanced Financial Flexibility to Support Long-Term Growth EXCO Resources Inc. today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. As a result of this process, the Company has reduced its leverage by more than $1.1 billion and is moving forward with approximately $325 million in committed exit financing from a new credit [...]
Exco Resources today announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company's Amended Plan of Reorganization and issued a written ruling and confirmation order to that effect. The Company expects to complete its financial restructuring process and successfully emerge from Chapter 11 in the coming weeks. Upon emergence, EXCO will reduce its leverage by more than $1.1 billion [...]
EXCO Resources Inc. today announced that in order to facilitate a restructuring of its balance sheet, the Company and certain of its subsidiaries have filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. EXCO intends to operate in the ordinary course of business during the restructuring [...]
EXCO Resources Inc. today announced that on December 22, 2017, EXCO was notified by the New York Stock Exchange that the NYSE has determined to commence proceedings to delist EXCO’s common shares from the NYSE as a result of EXCO’s failure to maintain an average global market capitalization over a consecutive 30 trading-day period of at least $15 million pursuant to Section 802.01B of the NYSE Listed Company [...]
EXCO Resources Inc. today announced that it has entered into forbearance agreements with the administrative agent and the majority of lenders under its reserve-based credit agreement, holders of approximately 87% of the outstanding aggregate principal amount of its senior secured 1.5 lien notes due March 2022 and lenders holding approximately 81% of its outstanding senior secured 1.75 lien term loans due October 2020 [...]
EXCO Resources Inc. today announced that on December 11, 2017, EXCO was notified by the New York Stock Exchange of its noncompliance with continued listing standards because the average closing price of its common shares over a period of 30 consecutive trading days had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE. Under the NYSE rules, during [...]
EXCO Resources Inc. today announced the resignation of C. John Wilder from his position as a member of the Company’s Board of Directors and his position as Executive Chairman of the Board, in each case effective as of November 9, 2017. Mr. Wilder became one of the Company’s directors and Executive Chairman of the Board in September 2015. At the time of his resignation, Mr. Wilder was not a member of any [...]
EXCO Resources Inc. (NYSE: XCO) ("EXCO" or the "Company") today announced operating and financial results for third quarter 2017. 2017 Third Quarter Highlights Drilled 11 gross (6.5 net) horizontal wells in North Louisiana during third quarter 2017. Produced 237 Mmcfe per day, or 22 Bcfe, for third quarter 2017, a decrease of 4% compared to second quarter 2017, primarily due to natural production declines. GAAP net loss [...]
EXCO Resources Inc. (NYSE:XCO.BC) (“EXCO” or the “Company”) today announced the resignation of Stephen J. Toy from the Company’s Board of Directors (the “Board”), effective as of October 6, 2017. Mr. Toy originally joined the Board in March 2017. At the time of his resignation, Mr. Toy was a member of each of the Audit Committee, Compensation Committee and Nominating and Corporate [...]
EXCO Resources Inc. (NYSE:XCO.BC) (“EXCO” or the “Company”) today announced the resignation of each of B. James Ford and Samuel A. Mitchell from the Company’s Board of Directors (the “Board”), in each case effective as of September 20, 2017. Mr. Ford originally joined the Board in December 2007 and Mr. Mitchell originally joined the Board in June 2013. At the time of their [...]
EXCO Resources Inc. (NYSE: XCO.BC) (“EXCO” or the “Company”) announced today that the Board of Directors of the Company (the “Board”) has delegated authority to the Audit Committee of the Board (the “Audit Committee”), which is comprised of EXCO’s four independent directors, to explore strategic alternatives to strengthen the Company’s balance sheet and maximize [...]
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