Goldman Sells $53 Million of Bankrupt Texas Utility Claims (1)

March 19, 2021, 8:21 PM

Goldman Sachs Group Inc. auctioned off around $53 million of claims it held against a bankrupt Texas power cooperative as distressed debt traders bet the government will foot the bill for the state’s energy crisis, according to people with knowledge of the matter.

Goldman sold its claim on Brazos Electric Power Cooperative Inc. this week at 80 to 85 cents on the dollar, said the people, who asked not to be identified because details of the auction are private.

The bank is one of Brazos’s largest unsecured creditors. It’s owed the money for interest rate swaps and other power derivatives ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.