Bill Gates-Backed Optim Energy Enters Ch. 11

Law360, Wilmington (February 12, 2014, 9:08 PM ET) -- Power plant operator Optim Energy LLC, owned by Bill Gates' Cascade Investment LLC, filed for Chapter 11 bankruptcy in Delaware Wednesday, looking to reorganize as it struggles with a heavy debt load and plunging electricity prices.

The Texas-based company, which is joined in bankruptcy by seven subsidiaries, owes approximately $713 million under a prepetition credit agreement and listed assets of between $100 million and $500 million, according to court documents.

Owner of a trio of plants in the Lone Star State, Optim sought court protection after...
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