Bill Gates’ investment firm owns Optim Energy LLC. The power company is based in Texas and recently just filed for Chapter 11 bankruptcy. It is claiming over $500 million in debts.
Read more from Bloomberg.com:
Optim, also known as EnergyCo LLC, listed assets of more than $100 million and debt of more than $500 million in Chapter 11 papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Optim’s owner, ECJV Holdings LLC, is owned by Cascade Investment LLC, an investment vehicle for Gates, the Microsoft Corp. co-founder and the world’s richest person.
“Cascade has denied the company’s request to permit further borrowings” under its pre-petition credit facility, Optim said in court papers.
Optim and its affiliates operate natural gas- and coal-fired power plants in Texas, where electricity prices have plunged along with gas prices. Energy Future Holdings Corp., the state’s biggest electricity provider, is struggling to restructure $45.6 billion in debt. Continue reading…
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