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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
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12/06/201609:00:00Mastercard and Wells Fargo Make Sending and Receiving Money Faster...
12/05/201616:17:32Current Report Filing (8-k)
12/05/201616:15:00Wells Fargo Real Estate Investment Corporation Declares Dividend...
12/05/201615:12:11Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/05/201614:52:03Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/05/201611:31:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/05/201611:16:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/02/201615:31:20Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
12/02/201615:26:04Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/02/201613:13:42Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
12/02/201613:11:17Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
12/02/201613:06:44Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/02/201613:00:50Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/02/201612:55:23Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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