50 Cent’s SMS Promotions boxing company says it is in the clear to move forward without bankruptcy protection after settling with its major creditors. According to The Jasmine Brand, 50’s organization filed documents May 4 to ask for the Chapter 11 bankruptcy case to be dismissed.
SMS Promotions first filed bankruptcy in May 2015, claiming debt between between $100,000 and $500,000. It then claimed liabilities of $2.3 million.
Since the initial filing, 50 Cent has had to battle in court with some of SMS’ fighters. Ryan Martin was freed from his contract with the promotion company and will give SMS a percentage of his future fights and promotion deals.
The rapper won a lawsuit from Yuriorkis Gambo after a judge ruled the boxer’s contract with SMS was still valid.
50 Cent filed for his own bankruptcy protection in July. His case is ongoing.
(This article was first published May 26, 2015 and is as follows.)
50 Cent’s SMS Promotions filed for bankruptcy yesterday (May 25), according to TMZ.
Court documents filed in Connecticut claim that the company has between $100,000 and $500,000 in debts.
An SMS Promotions attorney says that the company filed for Chapter 11 bankruptcy as it plans its return.
“Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing,” the attorney says, per TMZ.
50 Cent founded the company in 2012.
The Queens, New York rapper’s company has represented such clients as Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.
For additional 50 Cent coverage, watch the following DX Daily: