Texas electric utility Optim Energy, owned by a Bill Gates investment fund, filed for Chapter 11 bankruptcy on Wednesday through the U.S. Bankruptcy Court in Delaware.
The company said it made its decision based on the economic environment in the power industry, including the plummeting cost of natural gas. The utility owns two gas-fired power plants and the coal-fired Twin Oaks power plant in Texas.
Optim Energy has approximately $713 million in outstanding debt and less than $500 million in asset value, according to Reuters. In 2013, the utility brought in $236 million in revenue.
PNM Resources and Cascade Investments LLC created Optim Energy in 2007.