The maker of the “Girls Gone Wild” videos, Girls Gone Wild Brands LLC, has filed for Chapter 11 bankruptcy protection in an attempt to restructure its legal affairs and shield assets from creditor reach.   “GGW Magazine and GGW Events also filed for protection.”

The Chapter 11 was filed on the heels of high-profile lawsuits.  Girls Gone Wild founder, Joe Francis’ most high-profile “L” was to “casino mogul Steve Wynn [in the amount of] $10.3 million, including a $7.5 million slander award last year and a disputed $2 million gambling debt.”  Formerly, a St. Louis woman was awarded $5.8 million, in her lawsuit against the company” after claiming someone exposed her breasts in a bar for the Girls Gone Wild Sorority Orgy series.”  Other suits have been filed by women asserting that they were exploited in videos; one even asserts being exploited while she was underage. A company attorney has clarified, however, that none of the judgments are against the Girls Gone Wild entities.

Comparing the bankruptcy to those of American Airlines and General Motors, the company attorney has said that the Girls Gone Wild parent company is still strong financially, and plans to go forward with business as usual.

Spring Break, here they come!

Sources:

Quotations from Michael Winter, ‘Girls Gone Wild’ goes bankrupt to dodge legal awards, USA Today, http://www.usatoday.com/story/news/nation/2013/02/28/girls-gone-wild-bankruptcy/1954419/, Feb. 28, 2013.

Susanna Kim, ‘Girls Gone Wild’ Files for Bankruptcy, ABC News, http://abcnews.go.com/blogs/business/2013/02/joe-francis-girls-gone-wild-bankrupt/, Feb. 28, 2013.

Girls Gone Wild Files for Bankruptcy, The Huffington Post, http://www.huffingtonpost.com/2013/02/28/girls-gone-wild-bankruptcy_n_2782645.html, Feb. 28. 2013.