50 Cent given the all-clear to settle his bankruptcy woes
Rapper 50 Cent scored an extra special birthday treat on Wednesday (06Jul16) - his plan to end his bankruptcy drama has been given the OK.
The rapper, who turned 41 on Wednesday, will pay out $23 million (£17.8 million) to his creditors over the next five years, according to legal documents obtained by TMZ.
That figure includes $6 million (£4.64 million) to Lastonia Leviston, who successfully sued the rap star for leaking footage from her sex tape. 50 Cent filed for bankruptcy days after the lawsuit ruling.
The In Da Club star, real name Curtis Jackson, filed for bankruptcy last year (Jul15), with reports suggesting he owed a string of creditors a total of over $30 million (£23.2 million).
In March (16), he reached a deal to pay around 74 per cent of what he owed by pledging to use $23.4 million (£18.1 million) of his future earnings, including profits from the sale of his Connecticut mansion, to help settle his debts.
The case returned to court in May (16), when Judge Ann Nevins gave her initial approval to the agreement and set the next hearing for 6 July (16), when 50's creditors were allowed to vote on whether to accept or reject the deal.
The hip-hop mogul is still trying to offload his 52-room Farmington, Connecticut property, which was once owned by boxer Mike Tyson. He was recently rumoured to have sold the pad for $8.5 million (£6 million) to a buyer who planned to turn it into an assisted living facility, but his representative denied the reports, insisting interest has been shown from a number of potential buyers, but no papers had been signed. The pad is still on the market.
Following the signing off of the bankruptcy settlement plan on Wednesday (06Jul16), 50's attorney told TMZ, "Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganisation today, less than one year after filing for chapter 11 to reorganise his financial affairs.
"Mr. Jackson appreciates the fresh start this process provides."
- Cover Media