Optim Energy LLC, a Texas electric company owned by a Bill Gates investment fund, filed for chapter 11 protection yesterday after piling up losses in a depressed power market, Reuters reported yesterday. The company, which owns three power plants in eastern Texas, said in court documents that it has been unable to reduce costs far enough to stem financial losses. Optim said that it had $713 million outstanding under a credit agreement with Wells Fargo. It estimated its assets were worth less than $500 million.
