Plagued by high overhead and onerous debt obligations, Pacific Sunwear of California Inc. (PSUN) has opted to file for bankruptcy to implement a reorganization plan backed by San Francisco's Golden Gate Capital LP, reports The Deal's Kelsey Butler. The Anaheim, Calif., retailer submitted its Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Thursday, April 7, along with two affiliates. The companies requested joint administration the same day. Founded in 1982, PacSun sells a mix of proprietary and branded merchandise from Vans, Hurley and Kendall & Kylie, the latter created by reality TV stars Kendall and Kylie Jenner. Judge Laurie Selber Silverstein has yet to set any hearings in the case. In a Thursday statement, PacSun said affiliates of Golden Gate have agreed to swap 65% of its term loan debt for 100% of the reorganized debtor's equity.
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