The U.S. Bankruptcy Court for the Southern District of Texas has confirmed Exco Resources Inc.’s amended plan for reorganization as it looks to emerge from Chapter 11 bankruptcy in the coming weeks.
The Dallas oil and natural gas company expects to complete the financial restructuring process in the coming weeks. Exco will reduce its leverage by more than $1.1 billion, the company said in a news release.
Exco filed for bankruptcy in January 2018 amid discussions with creditors to restructure the company’s balance sheet. The company experienced trouble recovering from the collapse in the energy market in 2014 and had been struggling to stay afloat.
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