The organizers of the Titans of Mavericks big-wave surf contest have filed for bankruptcy and are planning on selling the assets and intellectual property of the event.
The contest organizers, Cartel Management Inc. and Titans of Mavericks LLC, filed for Chapter 11 bankruptcy on Tuesday in Los Angeles.
In a statement, event organizer and Cartel CEO Griffin Guess says the decision to file for bankruptcy is part of a strategy to ensure a smooth transition of business operations.
"The process will allow Titans of Mavericks to reach new heights in the right hands. It is time for a larger organization to gain from all of our hard work," says Guess.