EXCO RESOURCES INC

EXCO RESOURCES INC terminated the registration of a class of securities, ending its reporting obligation for them.

listing compliance notice

A year into its Chapter 11 case, EXCO extended its debtor-in-possession financing's maturity from 12 to 16 months after initial borrowing, since neither an event of default nor a confirmed plan of reorganization had yet ended the case.

material agreement

During its bankruptcy case, EXCO settled years of arbitration, litigation and mediation with BG Group (by then part of Shell, via its SWEPI affiliate) over their 2010 Appalachia/Marcellus joint venture, agreeing to wind up and terminate the partnership entirely.

material agreement

EXCO secured debtor-in-possession financing from its Chapter 11 lenders, with Fairfax's Hamblin Watsa - by now EXCO's largest secured creditor - acting as DIP agent, giving the company the liquidity to operate through the bankruptcy case.

debt financing

EXCO Resources and its subsidiaries filed for Chapter 11 bankruptcy protection on January 15, 2018 in the Southern District of Texas, immediately accelerating essentially all of its debt - its bank credit facility, its 2018/2022 unsecured notes and its 2017 secured notes - the culmination of a distress arc that ran from 2012's first credit-facility cuts through years of asset sales, PIK interest, debt exchanges and forbearance.

bankruptcy or receivership

EXCO RESOURCES INC's exchange filed to remove a class of its securities from listing.

listing compliance notice

EXCO received another NYSE noncompliance notice just days after entering forbearance agreements with its creditors, underscoring how dire its position had become heading into 2018.

listing compliance notice

EXCO entered forbearance agreements with holders of about 87% of its 2017 secured notes, its 1.75-lien lenders and its bank group, pausing potential defaults while it negotiated a restructuring - and lined up debtor-in-possession financing in case it filed for Chapter 11, though it said no filing decision had been made yet.

material agreement

EXCO received yet another NYSE noncompliance notice, the latest in a string stretching back to 2015 as its depressed share price kept it below listing standards.

listing compliance notice

EXCO's bank lenders waived a looming default under its credit agreement's leverage covenant, an eighth amendment that bought time rather than fixed the underlying problem.

material agreement

EXCO drew down its revolving credit facility and hired restructuring advisors PJT Partners and Alvarez & Marsal to evaluate strategic alternatives for its capital structure, on top of bankruptcy counsel Kirkland & Ellis it had already retained in mid-2016 - an explicit signal it was preparing for the possibility of a formal restructuring.

debt financing

EXCO's planned $300 million Eagle Ford sale to VOG Palo Verde collapsed entirely after Chesapeake purportedly terminated a legacy gas contract, shutting in EXCO's wells and triggering a lawsuit between the two companies; EXCO also picked up yet another NYSE noncompliance notice the same day.

listing compliance notice

EXCO's Eagle Ford sale to VOG Palo Verde was pushed back weeks and the buyer clawed back part of its deposit, after a dispute with Chesapeake over a gas sales contract forced EXCO to shut in wells the deal's closing depended on.

material agreement

EXCO paid a $27.6 million interest bill on its new 1.75-lien term loans in stock rather than cash, issuing 2.75 million shares at a 15% payment-in-kind rate (versus 12.5% cash) to preserve cash for its North Louisiana drilling program - a further sign of a company conserving every dollar.

capital raising announcement

EXCO agreed to sell its Eagle Ford properties in South Texas to Venado Oil and Gas's VOG Palo Verde unit for $300 million - less than half the $685 million it paid Chesapeake for the same play in 2013, underscoring how far asset values and EXCO's negotiating position had fallen.

material agreement

EXCO carried out a second major out-of-court debt restructuring: it issued $300 million of new secured PIK-toggle notes and exchanged roughly $683 million of its 2015 Fairfax/noteholder second-lien loans into new '1.75 lien' term loans, issuing warrants to lenders as part of the deal - a sign the balance sheet still couldn't be fixed through ordinary refinancing.

capital raising announcement

EXCO shares fell out of NYSE compliance again, averaging below $1.00 over 30 trading days and picking up a ".BC" below-compliance tag, with six months to recover before facing delisting.

listing compliance notice

EXCO's lenders granted another limited consent extending the same temporary $300 million cap on its credit facility into 2017, still holding off the full borrowing-base redetermination.

material agreement

EXCO's lenders agreed to delay the scheduled borrowing-base review by two months and temporarily capped what EXCO could draw at $300 million, even though the facility's stated borrowing base had already shrunk to $325 million - a fraction of its $1.6 billion peak four years earlier.

material agreement

EXCO bought back $101.3 million of its 8.5% 2022 notes through a cash tender offer (its 2018 notes drew no accepted tenders) and amended the 2022 notes' indenture to allow more secured debt ahead - continued balance-sheet triage after the 2015 debt exchanges.

material agreement

EXCO confidentially settled its litigation with KKR-affiliated entities over the 2013 Eagle Ford participation agreement, with both sides releasing all claims and signing an amended and restated version of the agreement.

material agreement

Two EXCO directors, including the board's sole qualifying audit-committee financial expert, were forced to give up their board seats after the company determined shareholders would vote to remove them - leaving the audit committee under the NYSE's required minimum and triggering a separate governance-related listing deficiency notice.

listing compliance notice

Alongside its full-year 2015 results, EXCO disclosed a much more serious NYSE warning: its shares had traded below the $1.00 minimum average price for 30 straight days, starting a six-month clock to regain compliance or face delisting.

listing compliance notice

EXCO amended its 2018 notes indenture following a bondholder consent vote tied to the recent debt exchanges, and separately disclosed that KKR-affiliated entities - EXCO's partner under the 2013 Eagle Ford participation agreement - had accused it of breaching that agreement over a proposed $42.7 million sale of 21 wells, which EXCO said it would contest.

material agreement

EXCO closed the follow-on exchange, retiring about $175 million of its 2018 notes and $76 million of its 2022 notes in return for noteholders advancing roughly $109 million in new secured debt - cutting total debt somewhat, but only by giving remaining creditors a senior secured claim ahead of the old unsecured bonds.

material agreement

More noteholders agreed to swap their unsecured EXCO bonds for about $109 million of additional secured second-lien term loans, extending the same distressed debt exchange to a wider group of creditors.

debt financing

EXCO closed both new second-lien term loans - $300 million from Fairfax and $291 million from noteholders exchanging their unsecured bonds - completing the debt restructuring announced the week before.

material agreement

EXCO took on $300 million in new secured second-lien debt from Fairfax Financial (through Hamblin Watsa) at 12.5% interest - Fairfax's move from equity holder to secured lender - and separately let holders of its unsecured 2018/2022 notes trade into similarly secured second-lien loans, a distressed debt restructuring as its bank credit line kept shrinking.

debt financing

EXCO received a notice from the NYSE that its share price had fallen out of compliance with listing standards, and said it was considering a reverse stock split to fix it - its first listing warning as the price downturn deepened.

listing compliance notice

EXCO's lenders cut its credit facility borrowing base again, from $725 million to $600 million, as low oil and gas prices kept eroding the value backing the loan.

debt financing

EXCO signed a Services and Investment Agreement with turnaround advisor Energy Strategic Advisory Services (ESAS): ESAS committed to invest at least $50 million in EXCO stock (starting with shares at $1.70 apiece) and received warrants for 80 million shares as compensation - a sign of how serious the company's distress had become, and a major potential source of future dilution.

material agreement

EXCO's lenders cut its credit facility borrowing base sharply, from $900 million to $725 million, as the late-2014 oil and gas price crash hit the value of its reserves.

debt financing

EXCO closed the sale of its remaining Compass Production Partners stake to HGI for $118.75 million, completing its exit from the 2013 Harbinger Group joint venture.

asset acquisition disposition

EXCO agreed to sell HGI its remaining 25.5% stake in their 2013 joint venture (now Compass Production Partners) for $118.75 million, exiting the partnership entirely and using the cash to pay down its credit facility.

material agreement

EXCO raised $500 million in new senior notes due 2022 at 8.5% interest - a full point above the 7.5% rate on its 2010 bonds, reflecting a higher cost of capital as its credit quality slipped.

debt financing

EXCO's rights offering closed, raising about $273 million through 54.6 million new shares; WL Ross and Hamblin Watsa took roughly $98 million and $34 million of that respectively, becoming major new shareholders alongside existing holders who also participated.

capital raising announcement

EXCO launched the rights offering backstopped by WL Ross and Hamblin Watsa, letting existing shareholders buy 0.25 of a new share for each share they held.

material agreement

EXCO lined up Wilbur Ross's WL Ross funds and Fairfax Financial's Hamblin Watsa to backstop a rights offering to existing shareholders, bringing in two well-known value investors to help refinance the balance sheet after the TGGT sale.

capital raising announcement

EXCO and BG Group closed the sale of TGGT Holdings to Azure Midstream for about $910 million (mostly cash plus a combined 7% stake in Azure); EXCO's roughly $240 million net proceeds went to pay down its credit facility, ending the four-year-old BG Group midstream partnership.

asset acquisition disposition

EXCO and BG Group agreed to sell their entire TGGT Holdings midstream joint venture (formed together in 2009) to Azure Midstream Holdings, beginning EXCO's exit from the East Texas/North Louisiana pipeline business it built with BG.

material agreement

EXCO entered a new shale play, paying about $685 million to Chesapeake for Eagle Ford oil properties in Dimmit, Frio, La Salle and Zavala Counties, Texas (plus a 3-year option on 147,000 more acres), funded by a restated $1.6 billion credit facility and a same-day Participation Agreement that brought in a partner to help pay for it.

asset acquisition disposition

EXCO closed its purchase of the Chesapeake-affiliated Haynesville leases and wells in Caddo and DeSoto Parishes, Louisiana agreed to earlier in the month.

asset acquisition disposition

EXCO agreed to buy Haynesville shale leases and wells in Caddo and DeSoto Parishes, Louisiana from Chesapeake affiliates, adding to its core Haynesville position as Chesapeake shed non-core assets.

material agreement

EXCO closed the Harbinger/HGI partnership: it contributed its conventional East Texas/North Louisiana gas assets in exchange for about $573 million in cash (including $225 million the new partnership itself borrowed) while keeping a 25.5% stake and staying on as operator; EXCO's own credit facility was cut to $900 million as part of the deal.

asset acquisition disposition

EXCO agreed to form a new partnership with Harbinger Group's HGI Energy unit, contributing its conventional (non-shale) East Texas/North Louisiana gas properties in exchange for a cash infusion from Harbinger - another outside-capital deal in the mold of the earlier BG Group joint ventures, signed shortly after its credit facility was cut for the first time.

material agreement

EXCO's lenders cut its credit facility borrowing base from $1.4 billion to $1.3 billion - the first reduction after several years of increases - as depressed natural gas prices weighed on the value of its reserves.

material agreement

EXCO's board accelerated the expiration of the shareholder rights plan ('poison pill') it had adopted in January 2011, cutting its life from January 2012 to September 2011 - standing down the takeover defense less than a year after Chairman Douglas Miller's going-private proposal.

security holder rights change

EXCO bought Marcellus shale properties in Pennsylvania (15 producing wells, 11 more awaiting completion, over 50,000 net acres) from Chief Oil & Gas and partners for about $459.4 million, within the area of mutual interest it shares with joint-venture partner BG Group.

asset acquisition disposition

EXCO's board signed indemnification agreements with two directors serving on a special committee formed to evaluate Chairman and CEO Douglas Miller's proposal to buy out all shares of EXCO he didn't already own - the company's first going-private bid.

material agreement

EXCO raised $750 million in new 7.5% senior notes due 2018 and used the proceeds to redeem all $444.7 million of its outstanding 2011 notes, pushing out its nearest bond maturity.

debt financing

EXCO agreed to buy Haynesville/Bossier shale acreage in Texas from Southwestern Energy for $355 million, reinvesting cash from the BG Group deals into deepening its core Haynesville position (BG has a right to participate under the existing JV).

material agreement

EXCO closed the Marcellus joint venture with BG Group, transferring the agreed Pennsylvania/West Virginia interests for $835.2 million cash and forming a new joint development agreement to run the properties together.

asset acquisition disposition

EXCO agreed to bring BG Group into its Pennsylvania/West Virginia Marcellus shale position too: BG will take 100% of two subsidiaries and 50% of EXCO's operating and midstream entities there, extending the BG partnership from Haynesville into a second shale play.

material agreement

EXCO consolidated its separate EXCO and EXCO Operating credit agreements (both dating to 2007) into a single combined credit agreement with a bank group led by JPMorgan, Wells Fargo, Bank of America, BNP Paribas and RBC.

debt financing

the New York Stock Exchange certified EXCO RESOURCES INC's securities for listing, clearing them to begin trading.

listing compliance notice

EXCO closed the sale of its Ohio/Northwest Pennsylvania producing gas properties to EnerVest for $131.2 million, completing its exit from the shallow Appalachian assets bought from EOG Resources less than two years earlier.

asset acquisition disposition

EXCO closed the sale of all of its remaining Mid-Continent oil and gas assets for $530.2 million, to Sheridan Holding rather than Encore (which had agreed to buy a smaller Midcontinent package back in June) - proceeds went to pay down its revolving credit facility.

asset acquisition disposition

EXCO agreed to sell its remaining Ohio/Northwest Pennsylvania Appalachian gas properties to EnerVest and, separately, its Mid-Continent properties under a new purchase agreement, continuing the post-2008 divestiture program to strengthen its balance sheet.

material agreement

EXCO closed the BG Group Haynesville joint venture: BG paid $727 million (up from the $655 million first announced) for a 50% stake in EXCO's core East Texas/North Louisiana assets, and the two also closed the TGGT midstream joint venture the same day.

asset acquisition disposition

EXCO and BG Group agreed to form TGGT Holdings, a jointly-owned midstream gathering company for their East Texas/North Louisiana JV, the pipeline counterpart to the $655 million upstream interest BG agreed to buy in June.

material agreement

EXCO agreed to sell BG Group's US unit a 50% stake in its core East Texas/North Louisiana (Haynesville Shale) acreage for about $655 million, bringing in a deep-pocketed partner to help fund Haynesville development during the downturn.

material agreement

EXCO agreed to sell its East Texas (Overton/Gladewater) properties for $165 million and its Midcontinent properties for $210 million, both to Encore Operating, as it retrenched to core areas after the 2008 acquisition spree and gas-price collapse.

material agreement

EXCO refinanced its July 2008 $300 million term loan with a new $300 million unsecured term loan from JPMorgan, keeping financing in place through the 2008 credit crisis.

debt financing

EXCO converted all of its preferred stock (Series A-1, B, C and Hybrid) into common shares, ending the cumulative-dividend obligation Oaktree and Ares held it to, and closed a separate $252 million East Texas acquisition funded by a new $300 million JPMorgan term loan.

capital raising announcement

EXCO closed a $388 million purchase of shallow natural gas properties in Ohio, Pennsylvania, Virginia and West Virginia from EOG Resources, entering the Appalachian Basin, and lenders raised its credit facilities to $1.175 billion (EXCO) and $1.3 billion (its midstream unit) to support it.

asset acquisition disposition