Girls Gone Wild done gone Bankrupt
Privately owned GGW Brands filed for Chapter 11 bankruptcy in U.S. federal court in Los Angeles on Wednesday.
The Los Angeles company said in a statement that it was seeking reorganization and that the filing would not affect any of domestic or international operations of "Girls Gone Wild."
The company, which has sold millions of the racy videos and DVDs since 1997, listed a $10.3 million debt owed to Wynn Resorts casino owner Steve Wynn as its biggest debt.
"Girls Gone Wild" creator Joe Francis was last year ordered to pay Wynn $40 million in damages for defamation and emotional distress. A Los Angeles jury found that Francis had falsely claimed that Wynn threatened his life over a gambling debt.
