EXCO Resources has successfully completed its financial restructuring and emerged from Chapter 11.

The company has reduced its leverage by more than $1.1 billion and is moving forward with approximately $325 million in committed exit financing from a new credit facility, providing significant financial flexibility to support ongoing operations and investment in the business. EXCO will continue to engage in the exploration, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays in key basins in Texas, Louisiana and the Appalachia region.

“This is an exciting day for EXCO and marks the beginning of the next chapter as an even stronger, more competitive company,” said Hal Hickey, EXCO’s chief executive officer and president. “Through the restructuring process, we have significantly improved our capital structure and reduced our debt, and our operations have progressed uninterrupted. EXCO is now better positioned to capitalize on our strong asset base and operational expertise as we continue enhancing our business and serving our customers, partners and other stakeholders.”

According to documents filed with the bankruptcy court, Royal Bank of Canada was engaged to arrange the exit financing. RBC Capital Markets, Bank of Montreal and BMO Capital Markets are members of the lending group.

EXCO is now a privately-owned company and its shares are no longer available for trading on a public exchange. The current management team remains in place.

Kirkland & Ellis served as EXCO’s legal advisor in connection with the restructuring. Alvarez & Marsal North America served as its restructuring advisor, and PJT Partners LP served as its financial advisor.

EXCO Resources is an oil and natural gas exploration, exploitation, acquisition, development and production company headquartered in Dallas.