Zeevi's Puerto Rican energy company files for Chapter 11 protection

Group denies that Fleet bank demands early return of $60m loan, Yedioth reports
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A Puerto Rican energy company controlled by floundering Israeli businessman Gad Zeevi is on the brink of bankruptcy, reports Yedioth Ahronoth.

Last week the company petitioned the Puerto Rican courts for protection against its creditors, Chapter 11 under American law.

Its move follows a lawsuit from the Fleet Bank of Boston, which demands that the company immediately pay a $60 million debt due only in 2005.

The Zeevi group yesterday denied that Fleet demanded immediate repayment of the loan.