Rapper order to pay $23m over 5 years
A judge has approved a deal that will allow 50 Cent to end his bankruptcy case.
The rapper – real name Curtis Jackson – has agreed to pay $23m to his creditors over the next 5 years, TMZ reports.
The largest portion will go to Sleek Audio, who are owed $17m. Lastonia Leviston, who sued Jackson for intentionally posting her sex tape online, will receive $6m.
“Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs,” Jackson’s attorney told TMZ.
He added: “Mr. Jackson appreciates the fresh start this process provides.”
Jackson, filed for chapter 11 bankruptcy protection at the US Bankruptcy Court in Hartford, Connecticut almost exactly a year ago, with assets and debts both in the range of $10-50m (£6.5m–£32m).
Earlier this year, the rapper got into hot water after posting photos of stacks of cash on his Instagram. He later claimed that the money was a “prop”.