Racy "Girls Gone Wild" video company files for bankruptcy

LOS ANGELES Thu Feb 28, 2013 7:20pm EST

''Girls Gone Wild'' founder Joe Francis arrives at the 2012 MTV Movie Awards in Los Angeles in this file photo taken June 3, 2012. REUTERS/Danny Moloshok

''Girls Gone Wild'' founder Joe Francis arrives at the 2012 MTV Movie Awards in Los Angeles in this file photo taken June 3, 2012.

Credit: Reuters/Danny Moloshok

Related Topics

LOS ANGELES (Reuters) - The company behind the "Girls Gone Wild" video series featuring scantily clad young women drinking, dancing and stripping, has filed for bankruptcy protection citing $16 million in debts, according to court papers obtained on Thursday.

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.

Another creditor listed in the bankruptcy papers was a woman who won a $5 million lawsuit against "Girls Gone Wild" after someone exposed her breasts in a bar without her consent for one of company's films.

GGW Brands said it has assets of less than $50,000, according to the court papers.

"The company Girls Gone Wild remains strong as a company and strong financially. The only reason Girls Gone Wild has elected to file for this reorganization is to restructure its frivolous and burdensome legal affairs," GGW Brands said in a statement on Thursday.

(Reporting by Jill Serjeant; Editing by Lisa Shumaker)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
elocutionist wrote:
Oh well. Still, cleaner and more puritan than the real-life story, “Catholic priests gone wilder”…

Feb 28, 2013 10:39pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video