Girls Gone Wild bankruptcy has become a trending topic on several search engines tonight after Yahoo! News reported this Thursday, Feb. 28, that the video company behind the “Girls Gone Wild” franchise filed for bankruptcy this week in its move to overcome its recent legal affairs and debt accrued from court claims.
GGW Brands LLC and its subsidiaries officially filed for Chapter 11 bankruptcy yesterday in L.A. The company listed over $16 million it owed in still-disputed claims.
The largest of these has less to do with the girls themselves than the “Girls Gone Wild” founder, Joe Francis. The claim, for over $10.3 million, comes from Wynn Resorts and seeks the company to pay for the founder’s gambling debts and controversial statements he made over the casino owner, Steve Wynn.
The Girls Gone Wild bankruptcy debate has also brought in bankrupt claims from Brands’ subsidiary companies, including GGW Events and GGW Magazine. Chapter 11 bankruptcy claims normally put a stop to claims made in other courts for the time being.
"GGW remains both strong as a company and strong financially," said the company on the Girls Gone Wild bankruptcy headline, comparing to American Airlines and General Motors that have also filed for bankruptcy for financial restructuring. "The only reason Girls Gone Wild has elected to file is [to handle] its burdensome and frivolous legal affairs."
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