15 Feb 2019listing compliance notice▼ BadMajor
EXCO RESOURCES INC terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Jan 2019material agreement▼ BadMajor
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.
23 Oct 2018listing compliance notice▼ Bad
EXCO RESOURCES INC withdrew a registration statement, abandoning the offering it covered.
1 Mar 2018material agreement● NeutralMajor
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.
25 Jan 2018debt financing● NeutralMajor
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.
17 Jan 2018bankruptcy or receivership▼ BadMajor
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.
10 Jan 2018listing compliance notice● NeutralMajor
EXCO RESOURCES INC's exchange filed to remove a class of its securities from listing.
27 Dec 2017listing compliance notice▼ BadMajor
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.
21 Dec 2017material agreement▼ BadMajor
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.
15 Dec 2017listing compliance notice▼ BadMajor
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.
27 Nov 2017material agreement▼ Bad
EXCO's lenders made a narrow technical change to its credit agreement, excluding certain ordinary-course payables from the definition of debt - a minor covenant accommodation amid the broader crisis.
5 Oct 2017material agreement▼ BadMajor
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.
7 Sept 2017debt financing▼ BadMajor
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.
16 Aug 2017listing compliance notice▼ BadMajor
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.
23 June 2017material agreement▼ BadMajor
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.
22 June 2017capital raising announcement▼ BadMajor
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.
13 Apr 2017material agreement▼ BadMajor
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.
15 Mar 2017capital raising announcement▼ BadMajor
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.
20 Jan 2017listing compliance notice▼ BadMajor
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.
6 Jan 2017material agreement▼ BadMajor
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.
8 Sept 2016material agreement▼ BadMajor
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.
10 Aug 2016material agreement● NeutralMajor
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.
27 July 2016material agreement▲ GoodMajor
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.
31 May 2016listing compliance notice▼ BadMajor
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.
1 Mar 2016listing compliance notice▼ BadMajor
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.
25 Nov 2015material agreement▼ BadMajor
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.
4 Nov 2015material agreement▼ BadMajor
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.
2 Nov 2015debt financing▼ BadMajor
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.
27 Oct 2015material agreement▼ BadMajor
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.
21 Oct 2015debt financing▼ BadMajor
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.