The bankruptcy petition listed assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.
The company believes it has sufficient liquidity, including about $180 million of cash on hand as of March 31, to continue operations.
Strategic missteps, including creating too large a store footprint and having no cohesive e-commerce strategy, contributed to PacSun's financial woes.
New Jersey's "posture toward Atlantic City reduces the likelihood that it would rescue other financially distressed cities," the rating agency warns.
A company in Chapter 11 must show it can pay "administrative claims" by creditors in order to qualify for DIP financing.
The court ruled that allowing them to claw back funds from shareholders would set a damaging precedent for the securities markets.
The maker of alternative fuel-storage tanks for the trucking industry is seeking a buyer through the bankruptcy process.
Facebook co-founder Eduardo Saverin has offered $22.7 million to buy the company, which has been struggling to raise funding.
The end-of-life care provider has until April 30 to complete the sale of its money-losing operations in seven states.
The Denver company says the declining price of oil and the closure of a key pipeline "continue to be serious problems."