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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
06/29/201611:30:37Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201609:00:00Wells Fargo Public Finance Expands; New Directors in Boston and...
06/29/201608:00:00Millennial Small Business Owners in it for the Long Haul, Wells...
06/29/201603:03:00Supreme Court Will Hear Appeal on ATM-Fees Case -- WSJ
06/28/201613:08:00Supreme Court to Hear Case on ATM Fees -- 2nd Update
06/28/201612:33:22Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/28/201612:00:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/28/201611:30:00Supreme Court to Hear Case on ATM Fees
06/28/201611:17:00Supreme Court to Hear Case on ATM Fees -- Update
06/28/201610:43:00Supreme Court to Hear Case on ATM Fees
06/28/201609:00:00Wells Fargo Awards $2.6 Million to 61 Environmental Nonprofits
06/27/201610:26:00Wells Fargo to Offer Real-Time P2P Payments to 17 Million Mobile...
06/27/201609:00:00U.S. Conference of Mayors, Wells Fargo Announce 2016 CommunityWINS...
06/24/201619:01:00Wells Fargo Closed-End Funds Declare Monthly Dividends
06/24/201618:10:00Bank Shares Plummet Around the World, but Europe Fares Worst
06/23/201617:10:00Fed Stress Tests: All Big Banks Clear Bar for Capital Requirements
06/23/201617:00:00Wells Fargo Exceeds Fed Minimum Capital Level Under Stress Scenario
06/23/201616:52:00Wells Fargo Releases Stress Test Results Under Dodd-Frank Act
06/22/201615:01:38Current Report Filing (8-k)
06/22/201611:24:10Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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