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 amended its debtor-in-possession credit agreement to extend the maturity from 12 to 16 months after initial borrowings. The amendment was signed January 15, 2019 and took effect January 18.
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
The NYSE told EXCO on December 22, 2017 that it would begin delisting proceedings, because its average market capitalization stayed under $15 million over 30 trading days, and suspended trading. EXCO did not appeal, and its shares began trading on the OTC Pink market as XCOO on December 27.
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 and VOG Palo Verde mutually terminated the $300 million South Texas sale on August 15, 2017, after Chesapeake's purported contract termination left a closing condition unmet, and the remaining $10 million deposit went back to the buyer. EXCO also disclosed an NYSE market-capitalization noncompliance notice received August 10.
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 agreed to a further limited consent that postponed the borrowing-base redetermination from November 1, 2016 to February 1, 2017. Aggregate commitments were temporarily cut to $285 million, with about $228.6 million drawn.
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
Directors Jeffrey Benjamin, the audit committee financial expert, and Jeffrey Serota agreed not to stand for reelection after the company said enough votes would be withheld to force their resignations. That left one audit committee member, and EXCO received an NYSE deficiency notice with a June 2016 cure deadline.
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 after a successful bondholder consent solicitation. It also disclosed that KKR-affiliated parties alleged it breached the 2013 participation agreement over its proposal to buy 21 wells valued at about $42.7 million, which EXCO said it would challenge.
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.