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.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.