'Girls Gone Wild' Files for Bankruptcy Over Debts

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GGW Brands LLC and several subsidiaries 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 Limited 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 at Spring Break in Panama City Beach.

"Girls Gone Wild" issued a statement that it is financially strong but needed to "re-structure its frivolous and burdensome legal affairs."