EXCO Resources, Inc. Files Ch. 11 Bankruptcy

On January 15, 2018, EXCO Resources, Inc. (the “Debtor”) and certain of its affiliated entities[1] (collectively, the “Debtors”) filed chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas.  According to the Debtors’, they are engaged in the exploitation, exploration, acquisition, development and production of onshore U.S. oil and natural gas properties, focusing on shale resource plays in Texas, Louisiana, and the Appalachia region.     The Debtor estimates its number of creditors to be between 10,000 and 25,000, and estimates that its assets are worth approximately $830 million.  The Debtor states that its liabilities are approximately $1.3 billion, and that it anticipates that funds will be available for distribution to unsecured creditors.     The list of creditors holding the 50 largest unsecured claims is comprised of predominately trade debts in connection with the production and supply of oil and gas totaling approximately $282 million.    The Debtor lists five entities as owning five percent or more of the Debtor’s common stock.  These five entities are: Energy Strategic Advisory Services LLC; Fairfax Financial Holdings Limited; WL Ross & Co. LLC; and OCM EXCO Holdings LLC, OCM Principal Opportunities Fund IV Delaware LP.For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.For more information on the Thompson & Knight Bankruptcy and Restructuring practice, please click here. [1] EXCO GP Partners Old, LP; EXCO Holding (PA), Inc.; EXCO Holding MLP, Inc.; EXCO Land Company, LLC; EXCO Midcontinent MLP, LLC; EXCO Operating Company, LP; EXCO Partners, GP, LLC; EXCO Partners OLP GP, LLC; EXCO Production Company (PA), LLC; EXCO Production Company (WV), LLC; EXCO Resources (XA), LLC; EXCO Services, Inc.; Raider Marketing GP, LLC; Raider Marketing, LP.