'Girls Gone Wild' Company Declares Bankruptcy

Joe Francis

A company associated with the Girls Gone Wild brand has declared bankruptcy following a ruling that the brand's founder Joe Francis owes millions of dollars to Las Vegas casino mogul Steve Wynn in a defamation case.

our editor recommends

Why a $40 Million Verdict Against 'Girls Gone Wild' Creator Joe Francis Was Cut

Jury Orders 'Girls Gone Wild' Creator Joe Francis to Pay Casino Mogul Steve Wynn $20 Million for Defamation

'Girls Gone Wild's' Joe Francis Sends Legal Threat to Madonna Over Super Bowl Show

On Wednesday, GGW Brands filed a petition in California bankruptcy court.

According to the bankruptcy filing, GGW Brands owes more than $16 million in disputed claims.

In the Wynn lawsuit, Francis defended himself against charges that he had hurt Wynn's reputation by publicly claiming the casino tycoon threatened to kill him. A jury awarded $40 million, which was trimmed to $19 million by a judge.

GGW Brands, which is not owned or operated by Francis, also says it has a disputed debt with Tamara Favazza, who sued after having her top pulled down and years later discovering that she had unwillingly been put in Girls Gone Wild Sorority Orgy 2. She's owed nearly $5.8 million.

The lucky lawyer handling the GGW Brands bankruptcy is Robert Yaspan.

GGW issued this statement:

"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 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."

Twitter: @eriqgardner