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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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46.

Decker    

There's something just so wrong with this picture. The company says it remains financially strong and yet it can't or won't pay it's bills and it won't affect the owners personal wealth.

As usual it's the chump Mom and Pop business owners getting ripped off - think about the cleaners and caterers not getting payed because some rich a rse hole is taking advantage of the bankruptcy legal process.

Time to close these ridiculous loopholes for upper class welfare.

511 days ago
47.

HillbillyHell    

Bulletin: FREE porn is everywhere on the internet. Who's dumb enough to pay for it?

511 days ago
48.

DaveT    

People have sex. Yes it's true. We really do.

511 days ago
49.

bobby rose    

These are still around? That is so 1997.

511 days ago
50.

dyls_E    

I've wanted to see this headline for so long. Rotten Guy!

511 days ago
51.

Menace to society     

Haters!! he may be an ass but he made easy money on sluts

511 days ago
52.

dierdre    

This guy is the ultimate douche. ewwww. So glad this has happened to this MORON. Can't stomach him. He got EXACTLY WHAT HE DESERVES....UGH>>>>>>>>>>>>>>>>>

511 days ago
53.

Peter Popoff    

If you think this dudes broke your an idiot!

511 days ago
54.

Jimmyzee    

Thats too bad. Joe Francis is truly the largest turd on the planet. If anyone screams for a trio of bullets to the skull, its him.

510 days ago
55.

D-INCARNATION    

He can move in down the street with Zsa Zsa now and take a job as head stump polisher.....

510 days ago
56.

TNastyFunktown    

I can hear that tacky kettle drum music from the commercials just reading this. Everyone knows Joe Francis is a dirtbag and I can't help but feel this is just another move that will bite him in the ass.

510 days ago
57.

CriticXtreme    

This guy tapped into a gold mine and messed it up.

510 days ago
58.

lisa    

why would the government spend our tax dollars to bail him out? Just like TRUMP! it sickening.

510 days ago
59.

en Todo Momento!!    

first generation crack baby.

510 days ago
60.

Ginger    

He BFF with the Kardashians maybe they will help him!! Lol

510 days ago
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