Bloomberg reported that Quiksilver filed for bankruptcy after working out a deal that would hand control of the surfwear chain to investment firm Oaktree Capital Management.

Bloomberg said, citing a person familiar with the matter, as part of a prearranged Chapter 11 restructuring, Oaktree would provide $175 million in debtor-in-possession financing and assume control of the reorganized company.

Quicksilver, founded in Australia in 1969, but now based in California, operates in 100 countries. In a statement, the company said operations outside the U.S. are not part of the Chapter 11 filing.