Bill Gates-backed Optim Energy files Chapter 11

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.

The LLC owns two gas-fired power plants and the coal-fired Twin Oaks power plant in Texas.

Optim was created in 2007 by a unit of PNM Resources and Cascade Investments LLC.

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