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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
11/19/201411:41:24Wells Fargo Appoints Elizabeth Duke to Board -- Update
11/19/201411:07:42Wells Fargo Appoints Elizabeth Duke to Board
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11/10/201416:45:39Wells Fargo Hires a Team From J.P. Morgan Private Bank -- Street...
11/05/201410:55:51GOP Win Would Lend Student Lenders a Hand -- Barron's
10/28/201406:40:03Big Banks: Fourth-Quarter Outlook -- Barron's
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10/14/201417:46:58Wells Fargo Third-Quarter Profit Rises -- 5th Update
10/14/201417:43:50Wells Fargo Third-Quarter Profit Rises -- 4th Update
10/14/201417:34:58MARKET SNAPSHOT: U.S. Stocks Rise Amid Upbeat Earnings
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10/14/201410:23:56MARKET SNAPSHOT: U.S. Stocks: Futures Flat As JPM, Citi Earnings...
10/12/201405:53:30MARKET SNAPSHOT: Earnings Under Pressure From Stronger U.S. Dollar
10/05/201406:18:12MARKET SNAPSHOT: The Best And Worst Sectors Going Into Earnings...
09/29/201423:00:21Bank Branches in U.S. Dip to Lowest Since 2005
09/29/201422:52:12Bank Branches in U.S. Decline to Lowest Level Since 2005 -- Update
09/29/201418:01:11Bank Branches in U.S. Decline to Lowest Level Since 2005
09/24/201410:00:11Investor Optimism Highest in 7 Years, Survey Finds

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