Joe Francis and the company he founded in 1997 have hit a speed bump in helping ambitious females make a name for themselves in movies. The privately held company behind the "Girls Gone Wild" brand has filed for Chapter 11 bankruptcy citing $16 million in debts according to court papers. 

A recent company statement claims that fans should not worry and that girls are still going wild and operations are functioning at a high level although the company claims the value of all assets sits at $50,000. The main reason for the reorganization is the piling financial obligations from 'frivolous and burdensome legal affairs'.

Last year, Joe Francis went wild himself and began spreading a rumor that Casino tycoon Steve Wynn threatened his life over an outstanding gambling debt. Wynn didn't go down without a fight and eventually won his counter suit against Francis for $40 million claiming defamation and emotional stress. 

If this lawsuit didn't hurt enough, the company soon learned that exposing a girl's boobs in a bar without her consent can carry serious ramifications; ramifications totaling $5 million as was the settlement when a young lady filed a lawsuit against the company when her boobies appeared in a DVD without her consent. 

Whether Girls Gone Wild regroups from this blow has yet to be seen. But the real questions remain: who will give out the fashion-forward GGW hats? Or cruise across America looking for the wildest party girls? Or provide late night television programming with entertaining infomercials?