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'Girls Gone Wild'

Goes Bankrupt

Seeks Chapter 11 Protection

2/28/2013 8:45 AM PST BY TMZ STAFF
breaking news

0228_joe_francis_ggw_tmz
"Girls Gone Wild" has gone bankrupt ... filing for Chapter 11 reorganization -- but fear not late night TV viewers ... 'GGW' honchos insist "it will be business as usual" for the porn company.

Lawyers for 'GGW' filed docs yesterday in U.S. Bankruptcy Court ... which gives the company protection from creditors while it comes up with a plan to handle all its debts.

According to the docs ... there are 3 subsidiaries of 'GGW' filing for Chapter 11 -- GGW Magazine, GGW Events, and GGW Direct.

In a statement, the company says it remains financially strong ... and throws other corporations under the bus ... claims it's just "like American Airlines and General Motors having sought reorganization under Chapter 11." 

As for GGW founder Joe Francis ... he assures us this has no affect on his personal wealth.

90 COMMENTS

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31.

nv89436    

so it's just a scam to defraud honest vendors, landlords, suppliers, etc out of payment, while figuring out how to pay off all the lawsuits he's lost lately.

581 days ago
32.

tensity    

TRASHBAG!!

581 days ago
33.

LISA    

Well, that's not surprising. TMZ is constantly advertising free porn on the internet, so why should people pay to see it?

581 days ago
34.

IndyMike    

The company is broke bc of his personal wealth

581 days ago
35.

scandal@ungibungi.com    

I'm sure this pond s*** will return with a new venture to abuse young & stupid women.

581 days ago
36.

TheTruthIs    

[b]MISMANAGED![/b]

581 days ago
37.

Shaunie    

Sex tapes are stupid anyway. Get a man/woman then you have what you want and can play with it too. And why would you want to watch it when you could just have sex again? Maybe it's newlywed talk I'm speaking of.

581 days ago
38.

Super Villain    

That's irrelevancy for yo' ass.

581 days ago
39.

DaDa    

The filing didn't effect his personal wealth... But I'm sure that the 20+ million dollar loss to Steve Wynn did.

581 days ago
40.

D-INCARNATION    

It's an american institution, it's just like McDonald's going out of business....

581 days ago
41.

verlinda    

Just asking...Wasn't he sued by Steve Wynn?

581 days ago
42.

Rogue    

He went Bust!

581 days ago
43.

DaveT    

I like busts

581 days ago
44.

Rocco    

They got wise. They stopped going wild, and now girls do porn. Ask Melissa.

581 days ago
45.

carbin    

I didn't realize GGW was even still in business...and BTW, you don't seek protection from your creditors if your business is "financially strong."

581 days ago
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