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Farlie Turner’s Special Situations Group Completes §363 Sale of SMF Energy Corporation’s Texas Division and Other Strategic Assets

By: Farlie Turner - Date: 07/17/2012

FORT LAUDERDALE, Fla. (July 17, 2012) – Fort Lauderdale-based investment banking firm Farlie Turner & Co. announced today that its Special Situations Group completed the going concern sale of SMF Energy Corporation’s (“SMF”) Texas division and other strategic assets under Section 363 of the U.S. Bankruptcy Code.  

Based in Fort Lauderdale, SMF is a leading provider of petroleum product distribution services, transportation logistics and remote fueling services to the trucking, manufacturing, construction, shipping, utility, energy, chemical, telecommunications and government services industries. 

On April 15, 2012, SMF Energy Corporation and its affiliates filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of the Southern District of Florida, Fort Lauderdale Division.  SMF Energy Corporation engaged Farlie Turner to implement and manage an expedited sale process pursuant to Section 363 of the U.S. Bankruptcy Code. The Texas division was sold to Sun Coast Resources as a going-concern, and various assets located outside of Texas were sold to other strategic buyers.  The competitive auction generated significant additional proceeds available for distribution to creditors. 

“The success of the sale process was due to an extraordinary team effort among Soneet R. Kapila, SMF’s Chief Restructuring Officer, Paul J. Battista, SMF’s lead counsel and their respective firms, and Farlie Turner, as well as the support among the various creditor constituents,” said Steven Zuckerman, Managing Director and Head of Farlie Turner’s Special Situations Group. 

“Farlie Turner’s deep oil and gas industry expertise complemented our extensive experience in bankruptcy M&A to drive a successful outcome,” added Scott Sanderson, Managing Director at Farlie Turner.  

Please contact Steve Zuckerman or Scott Sanderson at 954-358-3800 regarding questions on the SMF transaction or Farlie Turner’s Special Situations Group. 

 

 

About Farlie Turner’s Special Situations Group 
Farlie Turner’s Special Situations Group specializes in representing underperforming and financially distressed companies.  This Group complements Farlie Turner’s traditional investment banking practice, which focuses on serving growth-oriented middle market companies with enterprise values typically between $30 million and $300 million.  Farlie Turner, and its affiliate Bayshore Partners, LLC, a securities broker-dealer registered with FINRA, provide merger and acquisition, private placement, and financial advisory services.  Please visit www.farlieturner.com for more information.


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