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Girls Gone Wild Company Files For Bankruptcy

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Looks like girls aren’t getting as wild as they use to, or are they?  According to TMZ,The “Girls Gone Wild” company has filed for bankruptcy, citing chapter 11 reorganization. The file comes as an order to protect the company from the massive amount of debt it owes to a Las Vegas Resort.

Last year, Wynn and his company won a slander suit against Joe Francis, the creator of the GGG franchise. “The court finds that Francis made a knowing and intentional false and defamatory statement,” ruled a Nevada juged in April. Wynn and Wynn was awarded $7.5 million.  “Francis has effectively evaded meaningful collection by making it appear that he has virtually no income or assets, despite his publicly lavish  lifestyle,” said and attorney for Wynn regarding the bankruptcy.

Lawyers of the company filed documents on Wednesday in U.S Bankruptcy Court to protect the firm from $10.3 million debt claimed by Steve Wynn’s Wynn Las Vegas LLC. The “Girls Gone Wild” company said it is $16.3 million in debt and has assets less than $50,000. 10.3 million is due to Wynn Las Vegas, while $5.8 million is owed to Tamara Favazza. The bankruptcy suit does not make mention of Joe Francis and was signed by company manager, Chris Dale.

The court gives the company protection from creditors while it comes up with a plan to handle it’s debt.

 

Shanika Simmons

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