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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.

88 COMMENTS

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1.

KittyKittyKitty    

Yikes!

604 days ago
2.

snowboardchick    

Could happen to a nicer guy.

604 days ago
3.

WD    

OH NO! Looks like someones going to have to sell his island!

604 days ago
4.

Nobody.Puts.Bieber.In.A.Corner    

This guy is a freaking moron.

604 days ago
5.

Tim    

I can't believe that college azz and teets aren't the money maker that they once were. That's a shame.

604 days ago
6.

@iAMTIMWILSON    

"protection from creditors while it comes up with a plan to handle all its debt' I'm sorry but I though all that azz shaking & girl on girl action was the plan.

604 days ago
7.

Lindsay Lohan Fan Forever    

Wish it was the founder who is s***.

604 days ago
8.

Kelly    

Just avoiding a bunch of bills, that's all. Haha creditors!

604 days ago
9.

Yup    

Such BULLSH*T dribbling out of ultra-douche Joe Francis's mouth. You don't seek legal protection via BK chapter 11 if your company is "financially strong"; it's for companies that are having financial difficulties. "Financially strong" companies that file BK have the BK dismissed without being protected; anyone who knows anything about business knows that...

604 days ago
10.

Horndog    

Somewhere Steve Wynn is laughing.

604 days ago
11.

Buz    

Has this anything to do with him being sued?

604 days ago
12.

Kimo    

Liar and a schmuck

604 days ago
13.

lareza    

THAT HAPPENS WHEN YOU ARE BESTIES WITH THE KARDASHIANS!!! HAHAHAAA
HE'S BEEN BEST FRIENDS WITH THE TRASHY FAMILY FOREVER EVEN BEFORE THE SEX TAPE ETC! THEY ARE ALL S***!!

604 days ago
14.

anony    

S***bag. His whole business and personal fortune should disappear overnight.

604 days ago
15.

OhReally    

Good his show..DVD's were str8 Garbage exploited young single crazi white girls whom most of them were doing it for cash but would try to keep them from being leaked as they got older to only realize their kids have seen the forbidden footage .. crazi females

604 days ago
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