Porn Valley- One of the better-known San Fernando Valley adult filmmakers has bared its precarious financial condition in a federal bankruptcy filing.

Jill Kelly Productions Inc. filed for Chapter 11 bankruptcy protection in Los Angeles as one of its creditors was about to foreclose on its property and seize its library of more than 250 films. The North Hollywood company lists about 85 creditors, more than $3 million in liabilities, and assets of $1.5 million to $3 million.

Its larger creditors include film company Nasty Pixx, American Express Co. and AVN Publications Inc., which follows the industry. The Chapter 11 action was made by a subsidiary of publicly traded Jill Kelly Productions Holding Inc., which did not file.

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

The company is named for porn actress Jill Kelly, who served as president under her real name, Adrianne D. Moore. Starr said Kelly quit this year in a pay dispute. A Securities and Exchange Commission filing by the company said Kelly had been in the business for more than 10 years, starring in more than 200 adult films. She couldn’t be reached for comment.

Brought in a month ago to turn the company around, Starr said Jill Kelly Productions had been losing money over the last two years because of mismanagement, but he declined to elaborate. He also said a federal grand jury in New York was inquiring about the company, but he did not provide details.

Starr said he succeeded ex-CEO Robert Friedland, who quit in June and could not be reached for comment. Long Beach lawyer Todd Becker, who represents the company, said executives were optimistic it could again be profitable and pay its debts.