POSTED: 10:54 a.m. HST, Feb 28, 2013
LAST UPDATED: 10:56 a.m. HST, Feb 28, 2013
LOS ANGELES » "Girls Gone Wild" has filed for bankruptcy in a move it says is an effort to restructure its legal affairs after several disputed court judgments.
The company filed for Chapter 11 bankruptcy on Wednesday in Los Angeles, listing more than $16 million in disputed claims.
The largest claim is $10.3 million that Wynn Resorts is seeking from the company for judgments entered against "Girls Gone Wild" founder Joe Francis over a gambling debt and statements he has made about the casino and its founder, Steve Wynn.
Francis no longer owns the company, which has made a fortune selling videos and magazines of young women flashing their breasts.
"Girls Gone Wild" issued a statement that it is financially strong but needed to "re-structure its frivolous and burdensome legal affairs."