Texas electric utility Optim Energy, which is owned by a Bill Gates investment fund, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware.
The company said the decision was based on a depressed economic environment in the electric power sector.
According to Reuters, the company has about $713 million in outstanding debt and less than $500 million in asset value. Optim had revenues of about $236 million in 2013.
Optim was created in 2007 by a unit of PNM Resources and Cascade Investments LLC.