A subsidiary of Jill Kelly Productions, a San Fernando Valley (Calif.) adult film company, has filed for Chapter 11 bankruptcy protection.

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The company, which has a library of more than 250 pornographic films, revealed it owes more than $3 million to about 85 creditors. It listed its assets at between $1.5 and $3 million, said the Los Angeles Times.

Among the creditors are American Express, industry trade paper AVN Publications and Nasty Pixx, another film company.

"We had no alternative but to file to protect the assets of the corporation," Chief Executive Philip Starr said.

Starr, who took control of the company last month, blamed mismanagement for the company's financial position but would not comment further.

Porn actress Jill Kelly, whose real name is Adrianne D. Moore, was president of the company until an internal dispute led to her departure earlier this year.

Kelly has acted in over 200 adult films over 10 years.