EXCO Resources Taps Out Remaining Line of Credit, Borrows $88M

EXCO Resources was once a sizable player in the Marcellus. They still have 184,000 net acres in the Marcellus, with 124 horizontal Marcellus wells drilled and in production. However the company, as we pointed out a year ago, has abandoned the Marcellus/Utica at this point (see EXCO: No Marcellus Drilling in 2015/2016, NYSE Threatens Delisting). The company flirted with bankruptcy for some time. In the end, they effectively turned over control of the company to its creditors (see EXCO Issues 2.7M Shares of New Stock in Lieu of Paying $23M). However, the company continues to struggle. Just last month they were threatened, for a third time, with having the company’s stock delisted from the New York Stock Exchange (see EXCO Resources Receives 3rd NYSE Notice of Delisting). EXCO has a line of credit (i.e. a “Revolving Credit Facility”) of $150 million. They’ve just borrowed the last $88 million of that total, to keep the company going…

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