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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; [email protected]

Stock News for Wells Fargo (WFC)
DateTimeHeadline
02/24/201716:55:42Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/24/201716:40:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/24/201716:36:59Automatic Shelf Registration Statement of Securities of Well-known...
02/24/201716:25:16Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/24/201713:23:04Current Report Filing (8-k)
02/24/201711:19:36Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/24/201711:03:56Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/23/201716:29:36Current Report Filing (8-k)
02/23/201713:43:24Current Report Filing (8-k)
02/23/201713:42:05Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/23/201713:19:35Statement of Changes in Beneficial Ownership (4)
02/23/201713:15:41Statement of Changes in Beneficial Ownership (4)
02/23/201713:08:29Initial Statement of Beneficial Ownership (3)
02/23/201713:02:01Initial Statement of Beneficial Ownership (3)
02/22/201711:12:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/22/201703:02:00Wells Fires 4 Senior Managers Over Sales Practices -- WSJ
02/21/201717:59:00Wells Fargo Fires Four Executives Following Probe of Sales-Practices...
02/21/201714:47:00Wells Fargo Fires Four Executives Following Probe of Sales-Practices...
02/21/201713:15:00Wells Fargo Announces Actions Based on Retail Banking Sales Practices...
02/21/201709:00:00Cherokee Global Brands Appoints Two New Members to Board of Directors

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