Aside from its power bills, the cooperative has more than US$2 billion of debt outstanding, spread across US$1.56 billion of secured notes and about US$480 million under a credit line administered by Bank of America Corp.

NEW YORK/HONG KONG/LONDON (March 1): The largest power generation and transmission cooperative in Texas has filed for bankruptcy in the wake of power outages that caused an energy crisis during the winter freeze last month.