Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

SMF Energy Files For Bankruptcy Under Chapter 11 - Quick Facts

RELATED NEWS
Trade FUEL now with 

SMF Energy Corp. (FUEL: Quote) 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.

Register
To receive FREE breaking news email alerts for Rocket Fuel Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Home improvement and building products company Masco Corp. said Monday after the markets closed that its second quarter profit jumped 78% from last year, as revenue increased and margins improved amid strong performance of its Plumbing Products, Installation and Other Services and Decorative Architectural Products segments. American Financial Group Inc. (AFG) Monday reported second-quarter net earnings of $106 million or $1.15 per share, compared to $110 million or $1.20 per share last year. Core net operating earnings were $99 million or $1.07 per share, compared to $87 million or $0.96 per share last year. Total... Stocks showed a significant recovery over the course of the trading day on Monday after coming under pressure in early trading. The markets eventually ended the session roughly flat following the mixed performance that was seen last week.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.