On Friday, June 28th, 2019, EXCO Resources and its debtor affiliates (collectively, EXCO) emerged from bankruptcy having equitized over $1 billion of funded debt and shed significant litigation overhang and burdensome midstream contracts.
EXCO’s stay in bankruptcy lasted 18 months, with Judge Marvin Isugr of the U.S. Bankruptcy Court for the Southern District Texas presiding. The case included a full marketing process, two disclosure statement hearings, multiple proposed plans, a derivative standing fight, a multi-day confirmation trial, several rounds of mediation, and dozens of adversary proceedings and contested matters. EXCO’s Chapter 11 cases were costly and contentious, with a half-dozen key players actively engaged in negotiation and litigation and dozens more protecting and advancing their interests. But in the end, EXCO confirmed a plan that had the support of every key constituent.
