Young Buck could soon see his assets seized and sold as he and his lawyer have been unable to find a way out of bankruptcy.
The former G-Unit rapper has been attempting to get approval for a debt repayment plan that would re-structure his recording contract in order to make good on outstanding debts to creditors, including 50 Cent and Universal Music Group. But after Fif and co rejected the plan, Buck's outlook has gotten bleak.
“At this time, because no agreement has been reached with G-Unit and Curtis Jackson regarding either assumption or rejection for the recording agreement and/or the publishing agreement, the first amended plan cannot be confirmed,” Buck's trustee Jeanne Burton said in court papers filed last week, the Wall Street Journal reports. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
Without an approved repayment plan, the "Shorty Wanna Ride" rapper's only option is to file for Chapter 7 liquidation. At that point, his assets would be sold and the resulting cash distributed among his creditors.
(Photo: Bryan Bedder/Getty Images)
TRENDING IN NEWS