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.