EXCO Resources Inc (EXCE)

[MovedOn]

What are your thoughts on their restructuring?

6:12 ET - A streamlined Exco (XCO) board will own about half the oil-and-gas company as the firm details its ongoing restructuring efforts amid efforts to curb cash use. The update, which includes vote totals from the annual meeting, comes days after 2 directors overseeing XCO's review of bankruptcy and other options pulled out of running for re-election after several big shareholders pushed for their ouster. This as the company reduced net debt by 28% in 6 months as of March while the workforce has been more than halved and 2016 capex is seen being less than 1/3 of last year's level. "Exco's leaner board expects to reach a consensual restructuring solution with our equity owners, secured and unsecured debt holders, gathering and transportation providers, and certain contractual counterparties," says CEO C. John Wilder. ([e-mail]; @kevinkingsbury)