Exco Resources Inc. reached a deal for $250 million in bankruptcy financing if its debt restructuring negotiations require a chapter 11 filing, WSJ Pro Bankruptcy reported. The Dallas-based energy company said yesterday that it hadn’t yet decided to file for bankruptcy protection but had entered into standstill agreements with senior lenders and secured a commitment to finance its potential chapter 11. A forbearance agreement signed this week gives Exco until January 15 to hammer out restructuring terms without the danger of creditors declaring defaults over its failure Wednesday to make a $27 million interest payment, according to a securities filing. The company is also considering a comprehensive out-of-court restructuring strategy.
