Sixth Amended Reorganization Plan Approved for EXCO Resources, Inc.
June 18, 2019 at 12:00 am EDT
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The US Bankruptcy Court approved the sixth amended plan of reorganization of EXCO Resources, Inc. on June 18, 2019. As per the approved plan, general administrative claims in the range of $164 million to $173 million will receive, in full satisfaction of its claim, cash equal to the amount of such allowed claim. Professional fee claims owing to the professionals shall be paid in cash to such professionals by the reorganized debtors from the professional fee escrow account as soon as reasonably practicable after such professional fee claims are allowed by a final order. DIP Facility Claims in the amount of $250 million shall be paid in full in Cash from the proceeds of the Exit RBL Facility. Priority Tax Claims shall be paid in full in Cash with interest. Other secured claims of $7.1 million, other priority claims of $14 million to $16 million and 1.5 lien notes claims of $317 million will be paid in full in cash. 1.75 Lien Term Loan Facility Claim of $742.2 million will be recovered 27% and second lien term loan facility claims of $18.4 million will be recovered 23%, both in the form of equity. Unsecured notes claims of $206.5 million will be recovered 23% and GUC Claims of $117.3 million, both in the form of cash. Holders of Allowed Convenience Claims will receive the Convenience Claims Distribution, which shall be a Pro Rata share of $5 million in Cash. Raider Marketing Claims in the amount of $448.2 million shall be deemed canceled, discharged, released, and extinguished, and there shall be no distribution to Holders of Raider Marketing Claims on account of such Claims. Intercompany claim shall be, at the option of the debtors or reorganized debtors either reinstated or canceled and shall receive no distribution on account of such claims. Section 510(b) Claim shall be deemed canceled and released and there shall be no distribution to Holders of Section 510(b) Claims on account of such Claims. Intercompany interests shall be reinstated as of the effective date. On the Effective Date, existing Interests in EXCO shall be deemed canceled and released, and there shall be no distribution to Holders of Interests in EXCO on account of such Interests. The Debtors shall fund distributions under the Plan with Cash on hand; the Exit RBL Facility of $375 million; the 1.5 Lien Take-Back Debt (if applicable); the New Common Stock; and the D&O Proceeds.
EXCO Resources, Inc. is an independent oil and natural gas company. The Company is engaged in the exploration, exploitation, acquisition, development and production of onshore United States oil and natural gas properties with a focus on shale resource plays. Its principal operations are conducted in certain United States oil and natural gas areas, including Texas, Louisiana, and the Appalachia region. Its producing regions include East Texas and North Louisiana, South Texas, and Appalachia. The East Texas and North Louisiana regions are primarily comprised of its Haynesville and Bossier shale assets. It serves as the operator for most of its properties in the East Texas and North Louisiana regions. The South Texas region is primarily comprised of its Eagle Ford shale assets. Its position in this region includes approximately 48,500 net acres. It serves as the operator for most of its properties in the South Texas region. The Appalachia region is comprised of its Marcellus shale assets.
EXCO RESOURCES, INC. 
