Girls Gone Wild: Bankrupt!

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Girls Gone Wild is bankrupt and seeking Chapter 11 protection.

The video empire is more than $16 million in debt, with the bulk of it owed to casino mogul Steve Wynn, according to the U.S. Bankruptcy Court filing.

Joe Francis, Girls Gone Wild

GGW management says the company has less than $50,000 in assets and fewer than 50 creditors, the biggest being $10.3 million from Wynn Las Vegas.

Joe Francis' attorney Robert Yaspan did not comment on a string reports that the Sultan of Smut hopes to avoid another multi-million lawsuit from Wynn.

Francis was ordered to pay $20 million last year after Wynn sued him for slander; Joe alleged that the Las Vegas billionaire threatened to have him killed.

Not someone you wanna slander, especially if you're a sleaze whose claim to fame is convincing drunk girls to go topless and kiss each other on camera.

This is only the latest of Francis' legal problems, which include income tax battles, a lawsuit from former prostitute Ashley Dupre, and underage sex allegations.

The Girls Gone Wild website was still up Thursday, and Francis says this restructuring will not affect his personal wealth. If that's true, it's really too bad.

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good for steve Wynn , put him under

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While I don't have a problem with the content this guy promotes, he's a mega sleazeball.