50 Cent's SMS Promotions Is Bankrupt

50 Cent's SMS Promotions Is Bankrupt

The company says it will "continue the operation of its business."

Published May 27, 2015

50 Cents SMS Promotions filed for bankruptcy this week, but a new statement from the company says they will continue to operate as a business.

SMS Promotions started in 2012 and signed names like Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell. However, TMZ reports that the boxing business hasn’t been kind to 50 (real name Curtis Jackson) as court documents say the company is in $100,000 to $500,000 in debt.

An attorney representing SMS Promotions says 50 wants to restructure the company so it can reemerge stronger than before. “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.”

Today, SMS’s full statement was released and it reads:

“SMS Promotions, LLC, (SMS Promotions) a boxing promotion company owned by Curtis Jackson, aka 50 Cent, today announced that it has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows the company to reorganize in an effort to protect its investment in worldwide boxing promotion and a promising stable of talented, young fighters.

“SMS Promotions is expected to continue operating under the supervision of the bankruptcy court in furtherance of its mission to become one of the world’s leading boxing and sports promotion companies. Founded in 2012, SMS Promotions has gained international fame as the promoter of landmark sporting events and superstar fighters such as junior middleweight James Kirkland.

“This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs,” says Patrick J. Neligan Jr., partner at Neligan Foley, LLP and counsel for SMS Promotions.

Don’t count 50 out just yet.

Click here for a chance to win a trip to the 2015 BET Awards!

BET.com is your #1 source for Black celebrity news, photos, exclusive videos and all the latest in the world of hip hop and R&B music.

(Photo: WENN)

Written by Eric Diep

COMMENTS

Latest in news