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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
01/20/201719:54:00Wells Fargo to Present at the Credit Suisse 18th Annual Financial...
01/19/201716:30:00Wells Fargo Announces New Structure for Its International Business
01/19/201714:19:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201713:25:31Statement of Changes in Beneficial Ownership (4)
01/19/201713:07:58Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201711:15:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201711:01:26Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201710:55:04Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/18/201707:40:00William Shatner & Wells Fargo Host Breakfast Gifting Ceremony...
01/17/201717:18:22Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
01/17/201713:49:11Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
01/17/201713:43:31Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201713:15:00U.S. Conference of Mayors, Wells Fargo Announce 2017 CommunityWINS...
01/17/201711:48:26Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201711:41:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201709:51:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201706:27:34Current Report Filing (8-k)
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01/13/201716:15:00Correction to Wells Fargo Prison Story (Jan. 12)
01/13/201716:04:00Trump Trading Boom Is Boon to Big Bank Earnings

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