EXCO Resources forms special committee, retains legal advisor to explore strategic alternatives

The board of directors of EXCO Resources Inc. (NYSE: XCO) has formed a special committee to, among other things, assess the company’s operating and financial situation and to evaluate, develop and recommend one or more strategic alternatives.

The special committee will assist EXCO as it continues to execute its strategic plan that is focused on improving its capital structure and providing structural liquidity, and seeking to optimize EXCO’s asset portfolio. The special committee will evaluate various strategic and restructuring alternatives, including exchanges of existing indebtedness for common stock (including privately negotiated exchanges), the renegotiation or repurchase of existing indebtedness, the issuance of equity, divestitures of assets, the issuance of additional indebtedness, in court and/or out of court restructurings, and the restructuring of its gathering, transportation and certain other contracts.

EXCO, at the direction of the special committee, has retained Akin Gump Strauss Hauer & Feld LLP as its legal advisor and will retain a financial advisor(s) to assist in the exploration of strategic and financial alternatives.

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