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EXCO Resources Inc (XCO.N)

XCO.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Exco Resources says it is unlikely co will comply with all covenants under revolving credit facility
6:05am EDT 

Exco Resources Inc : As of june 30, 2016, company was in compliance with financial covenants under its revolving credit facility . Does not believe it will be able to comply with all of covenants under its revolving credit facility . Some factors raise substantial doubt about company's ability to continue as a going concern . Liquidity,Ability to maintain compliance with debt covenants have been negatively impacted by depressed oil, natural gas prices .Ability to continue planned principal business operations would be dependent on actions of its lenders or obtaining additional debt.  Full Article

Exco Resources streamlines board with concentrated equity ownership
Tuesday, 24 May 2016 06:00am EDT 

Exco Resources Inc : Exco Resources, Inc. streamlines board of directors with concentrated equity ownership . Expects liquidity utilization to average $10 million per month during 2016 . Exco has no debt maturities prior to July 2018. . Currently has approximately $250 million of liquidity and, after giving effect to reduction of its 2016 capital budget to $85 million . Restructuring program will target aggressive restructuring of gathering, transportation contracts, decreasing overhead, operating costs . Restructuring program will also target modifying unprofitable contracts, and reducing debt .Restructuring program to be directed by streamlined board that represent institutions that own or direct 140 million common shares.  Full Article

Exco Resources forms special committee to explore strategic alternatives
Friday, 13 May 2016 06:00am EDT 

Exco Resources Inc : Says will retain a financial advisor(s) to assist in exploration of strategic and financial alternatives . Will evaluate alternatives such as exchanges of existing indebtedness for stock renegotiation/repurchase of existing indebtedness . Says has retained Akin Gump Strauss Hauer & Feld, LLP as its legal advisor . Will evaluate alternatives such as issuance of equity, divestitures of assets, issuance of additional indebtedness . To evaluate alternatives such as in court and/or out of court restructurings, restructuring of gathering, transportation, other contracts .Exco Resources Inc Announces the formation of special committee of directors to explore strategic alternatives.  Full Article

EXCO Resources, Inc announces management changes
Thursday, 7 Apr 2016 04:38pm EDT 

EXCO Resources, Inc:Announces management changes.Effective April 15, 2016, William L. Boeing, exco's current vice president, general counsel and secretary, will resign from Exco.Says w. justin clarke will be promoted to the position of vice president, general counsel and secretary.  Full Article

EXCO Resources Inc appoints C. John Wilder as executive chairman
Wednesday, 9 Sep 2015 05:00am EDT 

EXCO Resources Inc:Appoints C. John Wilder as Executive Chairman.  Full Article

Bluescape Resources Inc enters into services and investment agreement with subsidiary of Bluescape Resources Company LLC and changes executive positions
Wednesday, 1 Apr 2015 06:00am EDT 

Bluescape Resources Inc:Says execution of services and investment agreement.Says C. John Wilder will join EXCO's Board of Directors and become EXCO's Executive Chairman.Says Harold L. Hickey, EXCO's President and Chief Operating Officer, has been appointed Chief Executive Officer and President of EXCO.Bluescape will purchase $10 mln in EXCO's common stock from company and an additional $40 mln in common stock in open market within one year from closing.  Full Article

EXCO Resources Inc gives FY 2015 production guidance and comments on FY 2015 EBITDA guidance
Monday, 9 Feb 2015 06:00am EST 

EXCO Resources Inc:Expects FY 2015 average daily production to be between 335 and 355 Mmcfe per day, essentially flat with Q4 2014 production of 340 Mmcfe per day despite the significant capital budget reduction.Expects FY 2015 Adjusted EBITDA to be about equivalent to our capital budget.  Full Article

EXCO Resources suspends dividend
Monday, 15 Dec 2014 06:00am EST 

EXCO Resources Inc:Says its Board of Directors has suspended the cash dividend to provide additional funds to reinvest into the company.  Full Article

EXCO Resources Inc announces closing of sale of interests in Compass Production Partners
Friday, 31 Oct 2014 05:46pm EDT 

EXCO Resources Inc:Says sale of its 25.5 pct interest in Compass Production Partners, LP and its 50 pct interest in Compass Production GP, LLC to an affiliate of Harbinger Group, Inc. for $118.75 mln in cash.Sale had an effective date of Aug. 01.EXCO's cash proceeds were applied to reduce the balance on its revolving commitment under EXCO's Amended and Restated Credit Agreement.EXCO had $133.7 mln of outstanding indebtedness under the revolving commitment of the EXCO Credit Agreement following the application of the cash proceeds.  Full Article

EXCO Resources Inc announces sale of interests in Compass Production Partners
Monday, 6 Oct 2014 07:29pm EDT 

EXCO Resources Inc:Signs an agreement to sell its 25 pct. interest in Compass Production Partners, LP and its 50 pct. interest in Compass Production GP, LLC to an affiliate of Harbinger Group, Inc for $118.75 million in cash.Effective date of the transaction is Aug. 1, and it is expected to close during fourth quarter of 2014.  Full Article

BRIEF-Exco Resources says it is unlikely co will comply with all covenants under revolving credit facility

* As of june 30, 2016, company was in compliance with financial covenants under its revolving credit facility