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Bill Gates’ Optim Energy Resolves Bankruptcy Dispute With Blackstone

Optim Energy, the Texas power plant operator, controlled by Bill Gates’ Cascade Investment finally resolves its Dispute with The Blackstone Group L.P. (NYSE:BX) Group, according Wall Street Journal.

Optim Energy agreed to pay $5 million to settle its disagreement with Blackstone Group in a bankruptcy case. In exchange, the private equity firm will drop its appeal of Optim Energy’s court-approved plan to exit bankruptcy.

In February last year, Optim Energy filed for bankruptcy after suffering from declining electricity prices for years. The situation made it difficult for the company to repay the borrowed money, which was used to acquire Altura Cogen plant in Texas and to build another plant.

Cascade Investment will retain control of Optim Energy

Optim Energy submitted a filing in the...