EXCO Resources, Inc. Announces the Formation of Special Committee of Directors to Explore Strategic Alternatives
EXCO Resources, Inc. (NYSE: XCO) (“EXCO” or the “Company”) today
announced that its Board of Directors has formed a Special Committee
(the “Special Committee”) to, among other things, assess the Company’s
operating and financial situation and to evaluate, develop and recommend
one or more strategic alternatives.
The Special Committee will assist EXCO as it continues to execute its
strategic plan that is focused on improving its capital structure and
providing structural liquidity, and seeking to optimize EXCO’s asset
portfolio. The Special Committee will evaluate various strategic and
restructuring alternatives, including exchanges of existing indebtedness
for common stock (including privately negotiated exchanges), the
renegotiation or repurchase of existing indebtedness, the issuance of
equity, divestitures of assets, the issuance of additional indebtedness,
in court and/or out of court restructurings, and the restructuring of
its gathering, transportation and certain other contracts.
No assurance can be given as to the outcome or timing of this process.
The Company does not intend to make any future announcements concerning
this process unless and until EXCO otherwise determines that disclosures
are necessary or appropriate.
EXCO, at the direction of the Special Committee, has retained Akin Gump
Strauss Hauer & Feld, LLP as its legal advisor and will retain a
financial advisor(s) to assist in the exploration of strategic and
financial alternatives.
About EXCO
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, development and production company headquartered in
Dallas, Texas with principal operations in Texas, North Louisiana and
the Appalachia region.
Additional information about EXCO Resources, Inc. may be obtained by
contacting Chris Peracchi, EXCO’s Vice President of Finance and Investor
Relations, and Treasurer, at EXCO’s headquarters, 12377 Merit Drive,
Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by
visiting EXCO’s website at www.excoresources.com.
EXCO’s SEC filings and press releases can be found under the Investor
Relations tab.
Forward-Looking Statements
This release may contain forward-looking statements relating to future
financial results, business expectations, and strategic and financial
alternatives and other 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: EXCO’s
ability to implement or execute on any strategic or financial
alternatives, adjust its capital structure, or increase its liquidity;
the continued volatility of or depressed prices in the oil and gas
markets; the estimates of reserves; commodity price changes; regulatory
changes; and general economic conditions. These and other 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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Copyright Business Wire 2016
Source: Business Wire
(May 13, 2016 - 6:00 AM EDT)
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