EXCO Resources Board Looks at “Restructuring” – Stock Nosedives

EXCO.jpgEXCO Resources was once a sizable player in the Marcellus. They still have 145,000 net acres in the Marcellus, with 124 horizontal Marcellus wells drilled and in production. However, EXCO, as we pointed out in March, has pretty much abandoned the Marcellus at this point (see EXCO: No Marcellus Drilling in 2015/2016, NYSE Threatens Delisting). Things are getting bleaker at the company. On Friday EXCO announced they’ve formed a special committee from their board of directors to evaluate “options” for the company’s future. One of those options on the table for discussion is “restructuring,” which is coded language for bankruptcy. As soon as the news hit last Friday the companies stock went down even further. It pretty much went over a cliff–from $1.81 last Thursday to $0.72 this morning (down 60%). Here’s the announcement which details which kinds of options are under consideration by the board…

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