well i found it and the covenant of interest is that ratio of indebtedness to EBITDAX has to be below 3.5 meaning using EXCO's own guidance of 465mn in EBITDA for 2012 that implies at least $250mn in debt needs to be paid down and more realistically, to have a safety margin, they will have to pay down $500mn. I think their guidance is on the edge though as the gas inventories and storage capacity numbers argue for steeper cuts in production (down to 475/diem vs their estimate of ~500). In my mind, there is not much question that dividend will need to be eliminated and a capital injection (call it a sale of an asset if you like) will be needed. I don't think this is a reflection of the company or management -> they got caught by the nat gas price drop. But the current price needs to factor this reality in, which looks more like $5 when reality hits. The good news is that, assuming they get over this hump, the future will look very bright.