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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
09/27/201620:04:00Wells Fargo Claws Back Millions From CEO After Scandal
09/27/201618:57:00Independent Directors of Wells Fargo Conducting Investigation...
09/27/201618:01:00Bernstein Liebhard LLP Announces That A Suit Has Been Filed Against...
09/27/201617:19:00Wells Fargo Board Actively Considering Executive Clawbacks...
09/27/201615:42:00Wells Fargo to Pay $400,000 Over Alleged Swaps Reporting Failure
09/27/201613:42:00SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Notifies...
09/27/201613:22:00Wells Fargo Board Actively Considering Executive Clawbacks...
09/27/201612:54:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/27/201611:08:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
09/27/201611:00:00Wells Fargo Board Actively Considering Executive Clawbacks
09/27/201610:41:00Wells Fargo Board Actively Considering Executive Clawbacks...
09/26/201621:50:00Labor Department Starts Review of Wells Fargo Labor Practices
09/26/201620:12:00Labor Department Starts Review of Wells Fargo Labor Practices
09/26/201620:10:00Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against...
09/26/201616:50:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/26/201615:00:00Senior Executives Demonstrating Healthy Behaviors Is More Impactful...
09/24/201603:03:00Wells Fargo Taps Adviser on Pay -- WSJ
09/23/201616:55:00Wells Fargo Taps Shearman & Sterling to Advise on Executive Compensation...
09/23/201616:06:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/23/201614:33:35Current Report Filing (8-k)

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