Gates-Controlled Optim Energy Files for Bankruptcy
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Optim Energy LLC, controlled by billionaire Bill Gates’s investment firm, and its units filed for bankruptcy protection after the Texas power company’s owner barred them from borrowing more money.
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.