Judge Approves 50 Cent’s $23 Million Bankruptcy Payment Plan
It looks like 50 Cent's bankruptcy case may finally come to an end, after a judge approved a proposed bankruptcy payment plan.
As previously reported, Fif's legal team submitted a plan to his bankruptcy judge in April, outlining a plan to pay out $23 million to creditors over the next five years. Now, reports indicate that the plan has been approved.
50's creditors include 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, 50 said that "reorganization under the plan is feasible and that the plan provides for the greatest recoveries."
While a judge has approved the plan, it will also have to be voted on by his creditors, which is scheduled for next week.
50 Cent filed for Chapter 11 bankruptcy protection almost a year ago, following a string of lawsuits that ended with judgements not in his favor.