By STEVEN CHURCH | Bloomberg | Published: March 17, 2021
Griddy Energy LLC has one final deal for Texans before the power seller shuts down for good: if its 29,000 former customers agree not to sue, the company will cancel electric bills that were about 300 times normal amid last month's winter storm.
On its first day in bankruptcy court, Griddy lawyers outlined a plan to liquidate, settle with customers and, possibly, arrange lawsuits against those that the company blames for its collapse. The company also won court permission to pay its remaining employees and other routine bills while the Chapter 11 case goes forward.
U.S. Bankruptcy Judge Marvin Isgur called Griddy's bankruptcy proposal "unique and really unprecedented." Isgur, who has overseen some of the biggest corporate restructurings filed in recent years, pushed Griddy to ensure that customers understand how the bankruptcy case will affect their huge electric bills after first criticizing Griddy's attempt to pay one of its lenders as the case goes forward.