A tipster forwarded us an email from Don Hellinger, the president of Pinchazo Publishing Group, saying that his holding company, Quadra Media—a secured creditor of Surface Publishing—foreclosed on Surface in early April. If you're a freelancer looking to get paid, too bad! Hellinger says that new owners Quadra aren't responsible for any of Surface's debts incurred before they took over. He also says that Surface has no assets left. There's no explicit statement that Surface is folding, but that's usually what happens when you have no assets. We've emailed Hellinger and we'll update this post with his response.
UPDATE: And here it is: "Surface will continue to be published as a Quadra Media property." He also says that "There have been some staff reductions but the magazine will still be published 6 x per year."