50 Cent Files For Bankruptcy | Independent Newspapers Limited
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50 Cent Files For Bankruptcy

Posted: Jul 13, 2015 at 6:10 pm   /   by   /   comments (0)

American rapper Curtis Jackson III, popularly known as 50 Cent, has filed for Chapter 11 bankruptcy protection, according to reports in the United States.

50 Cent, in the application in court, said his assets and debts were around $10 million and up to $50 million, according to the Wall Street Journal.

A few days earlier, a jury had ordered Jackson to pay $5 million to a woman suing him over a sex tape case.

The Grammy-award winning rapper, whose 2003 album, Get Rich or Die Tryin’, turned out to be a global hit, has business interests that include clothes, boxing, drinks, and mining.

His stake in VitaminWater reportedly netted him tens of millions of dollar when Coca-Cola bought the drinks brand in 2007.

Chapter 11 allows companies time to re-organise their finances while protecting them from creditors’ demands.