The renowned surf competition at Mavericks will likely be canceled this year after its organizers filed for Chapter 11 bankruptcy on Tuesday.

According to documents obtained by NBC Bay Area, Cartel Management Inc., and Titans of Mavericks LLC, the two primary organizers of the Pillar Point surf contest, are "drowning in debt."

Last year, Cartel Management was on the losing end of a $1 million lawsuit in Los Angeles, and the Santa Cruz Sentinel reports that both companies are being sued by Red Bull Media House North America for breach of contract and unjust enrichment. In the past, Red Bull has provided the live stream of Mavericks online.

That suit was filed last Friday.

In addition, the San Mateo County Harbor District, which issues some of the permits for the event, is listed as one of the debtors in the bankruptcy filing. San Mateo County Harbor commissioner Sabrina Brennan told NBC Bay Area she anticipates "there will not be a contest this year."

PREVIOUSLY: Mavericks permit extended 1 year, women added to contest

Mavericks, which has been held since 1999, is one of the year's most anticipated contests. Once the waves and the weather are right, invited surfers have 48 hours to get to Pillar Point for the competition. This year was supposed to be a landmark contest — for the first time, women were added to the field.

Cartel founder Griffin Guess told the Mercury News that a news release would be published later today to explain the "strategy overall."