July 11, 2018 / 11:16 PM / 3 months ago

Bankrupt Exco seeks extension of bonuses after 7 pct of staff quits

Energy producer Exco Resources Inc on Wednesday sought court approval to extend a bonus program for more than 100 employees at a cost of $725,000 per quarter, arguing the payouts were needed to prevent further staff attrition while a resolution of its bankruptcy remained “months away.”

Exco, which counts U.S. Commerce Secretary Wilbur Ross among its major shareholders, in papers filed in Bankruptcy Court in Houston said about 7 percent of its work force quit since it filed for bankruptcy in January and it needed to stanch further losses.

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