Bankruptcy / Restructure Update | Capital Markets
EXCO Resources Heading for Bankruptcy
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During its 3Q17 update, Exco Resources reported that its hired financial advisors are exploring strategic alternatives to strengthen the Company's balance sheet and maximize its value. These alternatives could include engaging in negotiation with certain stakeholders or seeking a comprehensive out-of-court restructuring or reorganization under Chapter 11 of the U.S Bankruptcy Code.
If the Company is unable to comply with the covenants under the Credit Agreement, or is unable to make scheduled interest payments on its debt, there will be an event of default. Any event of default may cause an outright default or accelerate the Company’s obligations with respect to other debts including the 1.5 Lien Notes, 1.75 Lien Term Loans, 2018 Notes and 2022 Notes.
If this occurs and the Company's debt…
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