Fashion designer Kira Plastinina, 16, the owner of Los Angeles based KP Fashion Co., Wednesday filed for bankruptcy under Chapter 7 in a US court. With $54.5-million in liabilities and listed assets of only $9.7-million, KP Fashion Co., owes $29.9-million to Cyprus-based Lendero Ltd., its largest creditor, while litigating with Pacific Sunwear of California Inc. (PSUN. O) for trademark infringement.

The teenage Russian stormed the fashion world with her youthful and contemporary clothing and accessories designs, but the fashion prodigy running up debts, owes money to over 100-creditors, including AT&T, the Santa Monica Police Department, and a number of fashion firms. According to Wall Street Journal, the company's financial woes hit the news barely a month ago, around the time of KP Fashion's announcement that it would be shutting down most of its'12 stores in the U. S.

Daughter of Russian businessman Sergei Plastinin, a former CEO and shareholder in Wimm-Bill-Dann (WBD. N), a Russian dairy and juice producer, the case has been filed in US Bankruptcy Court for the Southern District of New York, No 08-15233.

Items from the young fashion designer's collections continue to sell at reduced prices, on kiraplastinina.us, her label's U. S. website.