EXCO Resources, Inc. Announces Changes to Board of Directors and PIK Debt Interest Payments
20 September 2017 - 9:11PM
Business Wire
EXCO Resources, Inc. (NYSE:XCO.BC) (“EXCO” or the “Company”)
today announced the resignation of each of B. James Ford and Samuel
A. Mitchell from the Company’s Board of Directors (the “Board”), in
each case effective as of September 20, 2017. Mr. Ford originally
joined the Board in December 2007 and Mr. Mitchell originally
joined the Board in June 2013.
At the time of their respective resignations, neither Mr. Ford
nor Mr. Mitchell was a member of any committee of the Board. The
resignations of Mr. Ford and Mr. Mitchell were not the result of
any disagreement with the Company on any matter relating to the
Company’s operations, policies or practices.
In addition, EXCO announced that on September 20, 2017, it made
the interest payments due on its outstanding 1.5 Lien Notes and
1.75 Lien Term Loans in the form of issuing an additional $17
million aggregate principal amount of 1.5 Lien Notes and $26.2
million aggregate principal amount of 1.75 Lien Term Loans,
respectively.
About EXCO
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, acquisition, development and production company
headquartered in Dallas, Texas with principal operations in Texas,
North Louisiana and the Appalachia region. EXCO’s headquarters are
located at 12377 Merit Drive, Suite 1700, Dallas, TX 75251.
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 liquidity, sources of capital resources
and ability to implement or execute on any strategic or financial
initiatives, adjust its capital structure, or increase its
liquidity; the continued volatility of, or depressed prices in, the
oil and gas markets; the continued listing of EXCO’s common shares
on the NYSE; the estimates of reserves; availability and costs of
services and materials; commodity price changes; regulatory
changes; and general economic conditions. These and other 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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EXCO Resources, Inc.Tyler S. Farquharson, 214-368-2084Vice
President, Chief Financial Officer and Treasurerwww.excoresources.com