The DVD company that revolves around exploiting drunk barely-legals and their naked boobies, 'Girls Gone Wild,' has officially filed for bankruptcy.

Lawyers for 'GGW' filed for Chapter 11 protection in US Bankruptcy Court on Feb. 27, which should keep the creditors at bay long enough to figure out a plan. (May we suggest the spin-off series 'Women Being Feral'?)

Don't worry, though -- company founder Joe Francis says "it will be business as usual."

His 'GGW' financial woes are especially surprising considering that back in December, Francis offered 'Twilight' star (and hater) Robert Pattinson $100,000 to appear in one of his videos. So at one point 'GGW' had at least had six figures in the coffers. But maybe those were the kinds of offers that left the cupboards as bare as the girls in the vids.

More likely, though, this is the result of a legal battle with casino mogul Steve Wynn. Back in February of 2007, Francis racked up a $2 million gambling debt, refused to pay, and publicly said some unkind things about Wynn Las Vegas. The casino sued, and last year got a $7.5 million judgment for defamation plus another $20 million in punitive damages for slander.

Other creditors include yet more people who've won in court against Francis and/or 'GGW,' including one girl who appeared in a video when she was just 14.

In a statement, 'GGW' claims it's financially stable, and that its situation is akin to "American Airlines and General Motors having sought reorganization under Chapter 11." And just like all those other companies, the CEO is still rolling in money even though his company seems to be hemorrhaging it -- Francis' personal fortune is estimated to be upwards of $170 million.