By Jill Serjeant
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.
Follow us on Twitter @ReutersLegal | Like
us on Facebook