Bankruptcy Q Players

[the cork]

FUEL SMF Energy files for bankruptcy protection
Mon Apr 16, 2012 9:30am EDT

WEBSITE: http://www.mobilefueling.com/
Pinksheets: http://www.otcmarkets.com/stock/FUEL/quote

* Says Wells Fargo declared it in default of loan agreements
* Says to start liquidation of certain assets

(Reuters) - Petroleum products supplier SMF Energy Corp said it has filed for Chapter 11 bankruptcy protection as it failed to lower costs to offset falling sales.

Florida-based SMF Energy said competitive pressures prevented it from increasing prices, and it could not cut enough costs to make up for the fall in revenue.

SMF Energy said its principal lender Wells Fargo & Co , which it owes about $11.2 million, declared it a defaulter.

SMF Energy expects to get consent from its principal lender to continue operating portions of its business that have value as an ongoing enterprise.

The company said it had total assets of $37 million and liabilities of $25.1 million as of Dec. 31.

SMF Energy, provides commercial mobile and bulk fueling and other services to a range of industries, listed ConocoPhilips , DuPont Pension Trust, Atlas Oil Co and others among its largest unsecured creditors.

The case is In re: SMF Energy Corp, U.S. Bankruptcy court, Southern District of Florida. No: 12-19084.

http://www.reuters.com/article/2012/04/16/smfenergy-idUSL3E8FG56D20120416