'GIRLS GONE WILD' GOES BANKRUPT Seeks Chapter 11 Protection

"Girls Gone Wild" has gone bankrupt ... filing for Chapter 11 reorganization -- but fear not late night TV viewers ... 'GGW' honchos insist "it will be business as usual" for the porn company.

Lawyers for 'GGW' filed docs yesterday in U.S. Bankruptcy Court ... which gives the company protection from creditors while it comes up with a plan to handle all its debts.

According to the docs ... there are 3 subsidiaries of 'GGW' filing for Chapter 11 -- GGW Magazine, GGW Events, and GGW Direct.

In a statement, the company says it remains financially strong ... and throws other corporations under the bus ... claims it's just "like American Airlines and General Motors having sought reorganization under Chapter 11."

As for GGW founder Joe Francis ... he assures us this has no affect on his personal wealth.