Girls Gone Wild Files for Bankruptcy, Compares Itself to GM

Girls Gone Wild has filed for bankruptcy. But fear not, late night TV-watching perverts; you'll still be able to order DVDs of drunk girls on spring break doing things that they'll later regret.

GGW Brands filed for Chapter 11 in U.S. Bankruptcy Court in Central California on Thursday, claiming a little over $16 million in debts.

“Yesterday several of the U.S. operating entities for Girls Gone Wild joined the ranks of companies like American Airlines and General Motors having sought reorganization under Chapter 11 of the United States Bankruptcy code. Girls Gone Wild remains strong as a company and strong financially," the company told TheWrap in a statement Thursday. "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.”

The "burdensome legal affairs" could be interpreted as referring to the millions in damages that Girls Gone Wild mogul Joe Francis has had rendered against him in recent years. As Bloomberg points out, a judge awarded casino boss Steve Wynn and his Wynn Las Vegas $7.5 million in April, after Francis claimed that Wynn had swindled deep-pocketed gamblers.

http://www.thewrap.com/media/article/girls-gone-wild-files-bankruptcy-compares-itself-gm-79691