EXCO Resources Inc. (NYSE: XCO) expects liquidity to average $10 million per month through 2016, due to the current $250 million amount of liquidity and the reduction of the year’s capital budget to $85 million, the company said May 24.

The ongoing restructuring program will modify gathering and transportation contracts, decrease corporate overhead and operating costs, modify unprofitable contracts and reduce debt.

The program will be directed by a streamlined board of directors representing institutions that own or direct 140 million common shares that equal about 50% of the total outstanding shares.

In the past, these institutions provided debts and equities to Exco, the company said. The restructuring program will leverage these investors’ flexible capital, restructuring expertise and support, to drive value for the company’s stakeholders.

To date, under Phase 1 of the program, which was announced 13 months ago, Exco has reduced net debt by 28%, to $1.1 billion as of March 2016. In September 2015, net debt was $1.5 billion.

The principal outstanding amount on the senior unsecured notes was reduced by $923 million, or 73%.

The company reduced the interest coverage ratio, removed the total leverage ratio and extended the weighted average debt maturity, making the covenant credit agreement flexible.

Also to date, Exco has reduced workforce costs and general and administrative costs by more than 50%,, and renegotiated service contracts and optimized completion designs, achieving a 20% drilling and completion cost reduction while improving EUR targets.

Finding and development costs and lease operating expenses were also lowered.

Exco reduced its total capex by 69% so far in 2016, and improved overall targeted returns by increasing well deliverability efficiency and enhancing completion designs.

In a May 19 press release, Exco said that Jeffrey D. Benjamin and Jeffrey S. Serota recently decided to not stand for reelection to the board.

EXCO Resources Inc. is based in Dallas.