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The world-renowned Mavericks big-wave surf contest appears to be in jeopardy as organizers seem to be drowning in debt, NBCBayArea.com reported. The contest's two main organizing entities, Cartel Management Inc. and Titans of Mavericks LLC, filed for chapter 11 protection yesterday. The surf contest is well known for the huge waves at Pillar Point Harbor, near Half Moon Bay, as well as the worldwide call for the top invited surfers to show up within 48 hours.The most recent financial setback was a $1 million lawsuit Cartel lost in Los Angeles late last year. It was not related to the Mavericks contest. The dispute over Cartel assets revealed other problems, including unpaid bills, unpaid contest permits and a lawsuit filed by former sponsor Red Bull earlier this month.

Eidolon Brands and the Ben Hogan Golf Equipment Co. voluntarily filed for chapter 11 protection in the Northern District of Texas, Golf.com reported yesterday. Technically, Ben Hogan Golf is still in business, and is trying to develop a sustainable business plan while raising new capital. Its clubs continue to be sold throughout the country. The company’s top creditors are Perry Ellis International (owed $267,000) and Conti Edgecliff-Sias LLC, the company’s landlord in Forth Worth (owed $77,256.74), according to a report in the Dallas Morning News. Perry Ellis International is the company that licensed the Ben Hogan name to the equipment company.

Shipping company Toisa Ltd. filed for chapter 11 protection as falling demand for the Bermuda-chartered company's oil-and-gas supply vessels left it running short of cash, according to court documents, Reuters reported yesterday. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the U.S. Bankruptcy Court in Manhattan. The ship operator said it had more than $1 billion in debt in court documents. Toisa said it has been in talks with lenders this month in London, but sought bankruptcy after several lenders took action on their loans, including seeking to seize the company's ships, according to court documents.

Washington, D.C.’s Hawk ‘n’ Dove bar filed for bankruptcy to catch up on taxes, a move that comes less than three years after an ownership dispute prompted an earlier chapter 11 filing, the Wall Street Journal reported today. The Capitol Hill watering hole filed for bankruptcy protection on Wednesday, along with barbecue-themed sports bar Willie’s Brew and ‘Que located near the Nationals’ Stadium. Together, the restaurants have fallen $525,000 behind in taxes, according to documents filed in U.S. Bankruptcy Court in Washington. The restaurants will remain open during the case, said lawyer James M. Loots, who called the restaurants “profitable” but declined to say what led them to miss tax payments.