Girls Gone Wild company files for bankruptcy over debts

The Girls Gone Wild company has been forced to declare bankruptcy because of all his debts.

CNN reports that all of the GGW subsidiaries - GGW Brands LLC, GGW Direct LLC, GGW Events LLC and GGW Magazines LLC - were included in the filing for chapter 11 bankruptcy protection Wednesday. Manager Chris Dale claims that the company has just $500,00 in assets and under 50 creditors. The company checked off the “there will be no funds available for distribution to unsecured creditors” box on the filing.

According to Businessweek, GGW’s total debt is up to $16.3 million. Franchise creator Joe Francis owes casino mogul Steve Wynn’s company $10.3 million and $5.8 million to Tamara Favazza.

Favazza is the woman who successfully sued the company in 2008, claiming that her breasts were shown in Girls Gone Wild Sorority Orgy without her permission. She was awarded the $5.8 million, but recently sued again to get GGW to pay up.

GGW did issue a statement that said that it will continue to operate. “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 statement read.