The parent company that owns the racy “Girls Gone Wild” video series filed for Chapter 11 bankruptcy protection this week in the wake of a slew of costly legal judgments.

Filed in the U.S. bankruptcy court in Los Angeles, GGW Brands LLC listed estimated liabilities of $10 million to $50 million, including more than $16 million in disputed claims.

The legal bills are highlighted by a $10.3 million claim by Wynn Resorts (WYNN) against Joe Francis, the founder of “Girls Gone Wild,” for gambling debt and statements against the casino and its founder Steve Wynn.

Last year a $40 million libel award for Wynn was cut to $19 million following a slander trial against Francis. Francis, who is appealing the ruling, had accused Wynn of threatening to kill him due to his mounting gambling debt.

GGW Brands, which listed less than $50,000 in assets in the bankruptcy filing, compared itself with high-profile U.S. companies that have restructured in court like General Motors (GM) and American Airlines.

"Girls Gone Wild remains strong as a company and strong financially," the company said in a statement, according to The Associated Press. "The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs."

GGW Brands is also facing a claim for about $5.8 million stemming from a judgment won last year by a St. Louis woman against Francis. The woman claimed her breasts were recorded by Girls Gone Wild without her permission.

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