‘Girls Gone Wild’ Goes Bankrupt — Files for Chapter 11 Protection


Breaking News 0228_joe_francis_ggw_tmz
“Girls Gone Wild” has gone bankrupt … filing for Chapter 11 reorganization — but fear not late night TV viewers … “GGW” honchos insist “it will be business as usual” for the porn company.

Lawyers for “GGW” filed docs yesterday in U.S. Bankruptcy Court … which gives the company protection from creditors while it comes up with a plan to handle all its debts.

According to the docs … there are 3 subsidiaries of “GGW” filing for Chapter 11 — GGW Magazine, GGW Events, and GGW Direct.

In a statement, the company says it remains financially strong … and throws other corporations under the bus … claims it”s just “like American Airlines and General Motors having sought reorganization under Chapter 11.” 

As for GGW founder Joe Francis … he assures us this has no affect on his personal wealth.