A judge has approved 50 Cent’s proposed,bankruptcy payment plan.
Bankruptcy may soon be a thing of the past for Queens rapper 50 Cent if a bankruptcy payment plan is approved by 50’s creditors.MarketWatch.com reports that as part of the payment plan, the musician will be required to pay a little over $23 million in future earnings to his creditors.
Among the creditors looking to get into 50’s pockets are Sunburst Bank, Sleek Audio LLC, SunTrust Banks Inc., and ASCAP. 50 Cent’s total debt stands at $32.6 million, and with the proposed plan he’ll have to pay between 74% and 92% of that amount.
According to MarketWatch.com, the rapper shared his belief that “reorganization under the plan is feasible and that the plan provides for the greatest recoveries.”
The payment plan has already been approved by a judge in the matter, but will also have to be voted on by 50 Cent’s creditors. Voting is scheduled to take place later this month.
50 Cent filed for chapter 11 bankruptcy protection nearly one year ago. The announcement came shortly after he was ordered to pay Rick Ross’ ex, Lastonia Leviston $5 million, after posting a sex tape of the woman online.