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BRIEF-Exco Resources streamlines board with concentrated equity ownership
May 24, 2016 / 10:21 AM / a year ago

BRIEF-Exco Resources streamlines board with concentrated equity ownership

May 24 (Reuters) - Exco Resources Inc :

* Exco Resources, Inc. streamlines board of directors with concentrated equity ownership

* Expects liquidity utilization to average $10 million per month during 2016

* Exco has no debt maturities prior to July 2018.

* Currently has approximately $250 million of liquidity and, after giving effect to reduction of its 2016 capital budget to $85 million

* Restructuring program will target aggressive restructuring of gathering, transportation contracts, decreasing overhead, operating costs

* Restructuring program will also target modifying unprofitable contracts, and reducing debt

* Restructuring program to be directed by streamlined board that represent institutions that own or direct 140 million common shares Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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