EXCO Resources requests exclusivity extension amid dual-track process

By Caroline Salls

Pittsburgh, April 16 – EXCO Resources, Inc. is seeking court approval to extend its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, EXCO wants to extend its exclusive plan-filing period through Aug. 13 and the solicitation period through Oct. 12.

“The debtors are redoubling their efforts to maximize stakeholder value by pursuing a dual-track restructuring process, including marketing their assets and ongoing efforts to negotiate the terms of a restructuring transaction with their key creditor constituencies,” the motion said.

As a result, the company said it likely needs “significant additional time” to complete the restructuring process.

“The debtors request a 90-day extension of the exclusivity periods to allow the debtors to focus on continuing to advance the sale process, operate their business in the ordinary course, negotiate a balance sheet restructuring transaction and avoid the costly disruption and uncertainty that would result if exclusivity was denied and multiple parties were able to propose competing plans,” EXCO said in the motion.

A hearing is scheduled for May 8.

EXCO is a Dallas-based oil and gas exploration and production company operating in Texas, North Louisiana and Appalachia. The company filed for bankruptcy on Jan. 15 under Chapter 11 case number 18-30155.

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