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    Girls Gone Wild Files for Bankruptcy

    Girls Gone Wild, Joe Francis Girls Gone Wild, FilmMagic

    Girls Gone Wild is having a sedate moment.

    The company behind the boob-flashing franchise has filed for Chapter 11 bankruptcy, citing in a statement its need to reorganize à la Fortune 500 companies like General Motors and settle some "frivolous and burdensome legal affairs."

    In its court filing, GGW noted that the company is still disputing more than $16 million in civil judgments, including $10.3 million in damages (knocked down from $40 million!) that GGW founder Joe Francis was ordered to pay hotel mogul Steve Wynn in a defamation lawsuit.

    There's always hope that R.Pattz will take J.Francis up on his offer...

    "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," read the official statement obtained by E! News. 

    "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 restructure 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."

    Well, at least they were able to hold out until after Mardi Gras.

    Francis, who founded the company, has dealt with his share of money troubles, pleading guilty in September 2009 to filing false tax returns. He was ordered to pay nearly $250,000 in restitution to the IRS and sentenced to time served and a year of probation.

    See what the celebs are wearing in court these days

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