50 Cent’s boxing company SMS Promotions filed for bankruptcy this past Monday (May 25), according to TMZ Sports.
Despite putting on an event a few weeks back on May 15, SMS says that it has between $100,000 and $500,000 in debts, according to court documents filed in Connecticut that have since been obtained by TMZ.
Although the organization has filed for Chapter 11 bankruptcy, Fif’ made the decision to file in order to reorganize and come back stronger. Patrick J. Neligan, Jr., partner at Neligan Foley, LLP and counsel for SMS Promotions, issued the following statement to Billboard:
SMS Promotions, LLC, (SMS Promotions) a boxing promotion company owned by Curtis Jackson, a/k/a 50 Cent, today announced that it has filed for relief under chapter 11 of the Bankruptcy Code. 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.
SMS Promotions is expected to continue operating under the supervision of the bankruptcy court – in furtherance of its mission to become one of the world’s leading boxing and sports promotion companies. Founded in 2012, SMS Promotions has gained international fame as the promoter of landmark sporting events and superstar fighters such as junior middleweight James Kirkland.
This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs. 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.
50 Cent founded SMS Promotions in 2012 and has since represented various stars including former featherweight champion Yuriorkis Gamboa, James Kirkland and Olympic medallist Andre Dirrell.
A copy of the court documents has been uploaded to Scribd. and can be viewed below:
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