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SMF Energy Files For Chapter 11 Bankruptcy After Loan Default

DOW JONES NEWSWIRES SMF Energy Corp. (FUEL) filed for Chapter 11 bankruptcy protection after its principal lender declared it in default on its loan agreements. SMF, which owes about $11.2 million under its loan agreements with Wells Fargo & Co. (WFC), expects to receive needed consents to allow it to continue operating parts of its business that have continuing value as it works through a reorganization plan. The provider of mobile and bulk fueling and other services across a broad range of industries from trucking to telecommunications also said it expects that it will be required to sell off assets that aren't considered to have a "going concern" value. Further details regarding asset sales weren't disclosed. SMF said it didn't expect that plans unveiled last month to improve revenue and cut costs would be enough to offset an anticipated downturn in its financial results any time soon. SMF said that competitive pressures have prevented it from raising prices. Shares closed Friday at 84 cents and were halted in recent premarket trading. The stock is down roughly 70% this year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
08/27/201510:57:24Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/27/201510:00:00Wells Fargo Eyes Metro Park for New Commercial Hub in Central...
08/26/201519:31:00Margin Calls Bite Investors, Banks
08/25/201522:20:00USA Discounters Seeks Bankruptcy Protection
08/25/201513:00:00Wells Fargo Creates ‘Steps to Better Banking’
08/25/201512:58:00Covidien, Dow Corning, and Hilton Worldwide Are 2015 AFP Pinnacle...
08/25/201511:24:33Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/25/201509:48:00Covidien, Dow Corning, and Hilton Worldwide Are 2015 AFP Pinnacle...
08/25/201508:00:00John Coad Named National Sales Manager for Wells Fargo SBA Lending
08/24/201511:05:00Wells Fargo Securities Research and Economics Group Adds Three...
08/21/201517:27:22Current Report Filing (8-k)
08/20/201516:00:00Wells Fargo & Company Declares Cash Dividends on Preferred Stock
08/20/201514:15:10Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/20/201511:31:01Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/20/201508:30:00Wells Fargo Insurance Brokers Win Business Insurance Magazine...
08/20/201507:45:00Wells Fargo, No Barriers Warriors Join Forces with Zac Brown...
08/19/201511:19:16Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/18/201515:24:58Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/18/201515:18:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/18/201500:00:00Wells Fargo Capital Finance Hires Nick Lawrence to Lead European...

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