Girls Gone Wild files for Chapter 11 bankruptcy protection

LOS ANGELES, March 1 (UPI) -- The production company behind the controversial "Girls Gone Wild" videos has filed for Chapter 11 bankruptcy in Los Angeles, USA Today reported.

GGW founder Joe Francis has lost high-profile lawsuits that racked up more than $13 million in jury awards and $2 million in other debts for the company.

USA Today called GGW's bankruptcy restructuring filing this week a strategic move to protect itself from paying up what it owes.

"Just like American Airlines and General Motors, it will be business as usual for Girls Gone Wild," the company said in a statement.