logo
Share SHARE
FONT-SIZE Plus   Neg

SMF Energy Files For Bankruptcy Under Chapter 11 - Quick Facts

SMF Energy Corp. (FUEL) said the company and its subsidiaries, H & W Petroleum Company, Inc., SMF Services, Inc., and Streicher Realty, Inc., have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Florida. The companies will operate as "debtors in possession" under the jurisdiction of the Court, and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court.

On April 13, SMF Energy received a declaration from Wells Fargo Bank, N.A., the companies' principal lender, of various Events of Default, as defined in the Loan and Security Agreement dated September 26, 2002, as amended, among the Companies and the Lender. The principal lender also purported to revoke the authority of SMF Energy to access its own collections of accounts receivable and declared the principal lender's intention not to make any further revolving Loans to SMF Energy under the Loan Agreement.

Without considering any penalties or additional charges resulting from the principal lender's declaration of the Events of Default, the current balance owed to the the principal lender under the Loan Agreement is approximately $11.2 million, consisting of around $8 million in revolving loans, a $2.2 million unpaid balance of a Term Loan, and a $1.0 million mortgage loan.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Swiss nutrition, health and wellness giant Nestle SA reported a slight decline in reported sales for the nine-month period, reflecting divestments and negative currency impact. Organic sales growth was 2.6 percent, supported by improved real internal growth or RIG of 1.8 percent and pricing of 0.8 percent. The company now projects trading operating profit margin to decrease by 40-60 basis points.. While Democrats have largely been critical of the Republican tax reform plan, President Donald Trump has claimed the proposal has some bipartisan support. Trump suggested to reporters ahead of a meeting with members of the Senate Finance Committee on Wednesday that "people on both sides" support the tax reform plan. Healthcare is very expensive in the U.S., in fact among the most expensive in the world by most measures. Health care facilities are largely owned and operated by businesses in the private sector. Most Americans have access to health care, though costs and services vary from state to state. However,...
comments powered by Disqus
Follow RTT