EXCO Resources: Indications of interest for company assets due March 9

By Caroline Salls

Pittsburgh, Jan. 17 – EXCO Resources, Inc. said in a marketing presentation that it plans to conduct a two-stage sale process with indications of interest expected to be due on March 9, according to an exhibit to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company said a virtual data room will open on Feb. 12, with management/data room presentations to be held in the second stage of the sale process during the months of March and April.

“Binding bid date, selection of stalking horse bidder(s) and other milestones to be dictated by sale process dynamics and court approvals,” according to the presentation.

EXCO also said in the 8-K that its Chapter 11 filing constituted an event of default under its reserve-based revolving first-lien credit facility, 7½% senior notes due 2018 and 8½% senior notes due 2022, 8%/11% 1.5-lien senior secured PIK toggle notes due 2022 and 1.75-lien term loan facility.

However, the company said attempts to enforce default-related rights are automatically stayed as a result of the bankruptcy filing.

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

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