Shop-Eat-Surf reports that, “Source Interlink, the company that publishes Surfing, Surfer, Skateboarder, Snowboarder and five other action sports magazines and web sites, said today that it has filed for Chapter 11 bankruptcy.” In the court filing it said that it had between US$1 million and $10 million in assets but over a billion dollars in debt shared between 50,000 to 100,000 creditors. However, the company said that it will remain operating as normal – they are taking the company private and have new credit arrangements with banks to keep going. You can check the full story here.