The Australian reported that a hedge fund bidding war is brewing over bankrupt surf wear retailer Quiksilver, pitting Oaktree Capital Management against a rival bondholder group led by Brigade Capital Management.

The Australian said, citing U.S. bankruptcy court filings, that lawyers for Quiksilver’s creditors revealed that Brigade Capital had made a “superior” offer to finance the company’s restructuring under chapter 11.

Brigade is offering Quiksilver a $115 million bankruptcy loan that is “cheaper, longer in duration and provides the debtors with greater flexibility,” the creditors said, according to the Australian.