50 Cent is no stranger to the business world but recent reports suggest that even tremendously successful people can take major hits. 50’s boxing company, SMS Promotions, has filed for bankruptcy. Court documents out of Connecticut confirm that the company has incurred between $100K and $500K in debt. One of 50’s reps verified the filing but asserted that it was a move for the company to reorganize,
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
An attorney for SMS followed up with similar sentiments,
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.
Given 50’s savvy for business, we’re sure SMS won’t be down for long.