Exco Resources forced to restructure debt
May 13 (Reuters) – Oil and gas producer Exco Resources Inc said on Friday it formed a special committee to evaluate strategic alternatives, including in-court or out-of-court restructuring.
Exco joins dozens of U.S. shale companies forced to restructure debt after a near-60 percent slump in oil prices since mid-2014 eroded cash flows.
The Dallas-based company had long-term debt of $1.32 billion as of March 31, according to a regulatory filing.
The Special Committee will also evaluate options such as divestitures and restructuring of its gathering, transportation and certain other contracts, the company said.
Exco has retained Akin Gump Strauss Hauer & Feld LLP as its legal adviser.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)