DALLAS, July 1, 2019 /PRNewswire/ -- EXCO Resources, Inc. ("EXCO" or the "Company") 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 facility, providing significant financial flexibility to support ongoing operations and investment in the business. EXCO will continue to engage in the exploration, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays in key basins in Texas, Louisiana and the Appalachia region.
"This is an exciting day for EXCO and marks the beginning of the next chapter as an even stronger, more competitive company," said Hal Hickey, EXCO's Chief Executive Officer and President. "Through the restructuring process, we have significantly improved our capital structure and reduced our debt, and our operations have progressed uninterrupted. EXCO is now better positioned to capitalize on our strong asset base and operational expertise as we continue enhancing our business and serving our customers, partners and other stakeholders."
EXCO is now a privately-owned company and its shares are no longer available for trading on a public exchange. The current management team remains in place. In accordance with the Restructuring Plan, EXCO's new five-member Board includes representatives from the holders of the Company's newly issued common stock. The new Board includes Rick Doman, David Dunn, Peter Furlan, Bill Transier and C. John Wilder.
Mr. Hickey added, "Our successful emergence from this process is a testament to our former Board and talented employees, whose continued focus on our operational initiatives enabled us to execute on our drilling and completion activities while maintaining an exemplary safety record throughout this process. I also want to thank our customers, business partners and lenders for their ongoing support. I am honored to be part of this team and confident our new Board will be an asset to EXCO as we enter our next stage of business development."
Kirkland & Ellis LLP served as EXCO's legal advisor in connection with the restructuring. Alvarez & Marsal North America, LLC served as its restructuring advisor, and PJT Partners LP served as its financial advisor.
About EXCO Resources, Inc.
EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and the Appalachia region. EXCO's headquarters are located at 12377 Merit Drive, Suite 1700, Dallas, TX 75251.
This release may contain forward-looking statements relating to future financial results, business expectations and business transactions. Actual results may differ materially from those predicted as a result of factors over which EXCO has no control. Such factors include, but are not limited to: discussions regarding EXCO's restructuring, EXCO's liquidity, sources of capital resources and ability to maintain compliance with debt covenants, continued volatility in the oil and gas markets, the estimates of reserves, commodity price changes, regulatory changes and general economic conditions. These risk factors are included in EXCO's reports on file with the SEC. Except as required by applicable law, EXCO undertakes no obligation to publicly update or revise any forward-looking statements.
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