50 Cent ends bankruptcy case

50 CENT PHOTO/COURTESY

American rapper 50 Cent, born Curtis Jackson, has ended his bankruptcy case.

A judge signed off on a deal that finds the rapper paying out $23 million (KSh2.3 billion) to his creditors over the next five years, TMZ says.

“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 rapper’s lawyer said in a statement obtained by TMZ.

“Mr. Jackson’s plan of reorganization received overwhelming support from his creditors and was confirmed without objection. The consensual plan resolves all of his creditors’ claims and was the product of Mr. Jackson’s good faith negotiations with his creditors and their confidence in his future prospects. Mr. Jackson appreciates the fresh start this process provides and loo‎ks forward to continued success in his personal and professional pursuits.”

Specifically, 50 Cent owes $17 million (KSh1.7 billion) to the audio equipment company Sleek Audio and $6 million (KSh607 million) to Lastonia Leviston.

50 Cent was prompted to file for bankruptcy after he lost a privacy lawsuit to Leviston in 2015.

Leviston – who has a daughter with 50 Cent’s rival Rick Ross – claimed the rapper-actor acquired a sex tape she had made with her boyfriend and posted it online without her permission.

 

 

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