Griddy Energy, a retail power supplier facing a slew of civil lawsuits as a result of charges from the February winter storm, says it has less than $10 million in assets but owes ERCOT, CenterPoint Energy and Oncor three times that amount.
For that reason, Griddy, which is actually based in Connecticut, filed for Chapter 11 bankruptcy Monday in the Southern District of Texas.
Griddy hired Baker Botts partner David Eastlake of Houston to be its legal advisor.
As part of the bankruptcy filing, Griddy also wants all the lawsuits against them removed to the federal bankruptcy court in Houston.