G-Unit boss 50 Cent can finally breathe a huge sigh of relief after coming to terms with a publicized bankruptcy case this week.
According to reports, a bankruptcy judge green lit a settlement deal for the multi-platinum rapper.
The rapper will pay out $23 million to his creditors over the next 5 years — $17 million to Sleek Audio and $6 million to Lastonia Leviston … according to legal docs obtained by TMZ. 50’s attorney tells TMZ, “Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs.” The lawyer goes on to say, “Mr. Jackson appreciates the fresh start this process provides.” (TMZ)
Back in May, a federal bankruptcy judge gave preliminary approval on an assets statement submitted by 50’s legal team.
Lawyers worked “very hard to reach a compromise mechanism,” Judge Ann M. Nevins said at the end of the more than one-hour session in Hartford. A third and final disclosure statement that will include changes such as a provision calling for a bond will be submitted May 27. The plan, which is backed by 50 Cent, is intended to provide information to those with claims against him before they vote on a reorganization plan. (Courant)
Reports earlier the same week revealed how much of a hurdle 50 had in his pricey bankruptcy case.
While The Get Rich or Die Tryin’ star, whose real name is Curtis James Jackson III, previously said he was only $28 million in the red, it has been revealed he is actually $36 million in debt – and he only has $19 million in assets, according to the documents obtained exclusively by Daily Mail Online. (Daily Mail Online)
In mid-April, reports claimed 50 would reach a multi-million dollar plan to settle his bankruptcy drama.
Fiddy plans to dole out the biggest pay-out to headphone company Sleek Audio, with $17.3 million, according to court documents obtained by the gossip site. He also pledged $4.9 million to Sun Trust Bank and said he plans to liquidate some of his assets to cover the massive debt. The hefty proposal would work out to roughly $400,000 a month. (New York Daily News)