Joe Francis' Girls Gone Wild - Girls Gone Wild Files For Bankruptcy

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Soft porn king Joe Francis' Girls Gone Wild company has filed for Chapter 11 bankruptcy.

Francis founded the company, famous for its videos of young women baring their breasts and more, in 1997 - but it appears its 15 years of fame is up.

The 39 year old's company owes more than $16 million (£10 million) in disputed claims, according to multiple reports.

The filing was made in an effort to keep Las Vegas hotel boss Steve Wynn from securing the company's assets to satisfy a $10.3 million (£6.4 million) gambling debt lawsuit.

The hotel mogul was awarded a $7.5 million (£4.7 million) judgment for defamation in 2007 after Francis claimed the casino tycoon threatened to kill him. A jury later awarded Wynn an additional $20 million (£12.5 million) for punitive damages for slander.

A statement from Girls Gone Wild, obtained by Us Weekly magazine, reads: "The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs. This Chapter 11 filing will not affect any of Girls Gone Wild's domestic or international operations. Just like American Airlines and General Motors, it will be business as usual for Girls Gone Wild."


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