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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
05/03/201617:25:00Wells Fargo 2016 Investor Day
05/03/201612:10:14Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/03/201611:59:33Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/03/201611:34:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/03/201611:04:58Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/03/201610:50:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/03/201610:33:27Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/03/201608:30:00Integrated Electrical Services Announces Amendment to the Credit...
04/29/201616:04:00Wells Fargo Closed-End Funds Declare Monthly Dividends
04/29/201615:43:33Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
04/29/201615:24:24Current Report Filing (8-k)
04/29/201613:40:16Current Report Filing (8-k)
04/29/201611:19:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
04/28/201616:15:27Statement of Changes in Beneficial Ownership (4)
04/28/201616:08:13Statement of Changes in Beneficial Ownership (4)
04/28/201615:42:54Statement of Changes in Beneficial Ownership (4)
04/28/201615:06:39Statement of Changes in Beneficial Ownership (4)
04/28/201614:56:14Statement of Changes in Beneficial Ownership (4)
04/28/201614:53:08Statement of Changes in Beneficial Ownership (4)
04/28/201614:48:42Statement of Changes in Beneficial Ownership (4)

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