50 Cent Out Of Bankruptcy In New Reorganization Deal
(AllHipHop News) 50 cent can finally take a break from bankruptcy court, after he reached an agreement with the judge on a plan to clear his financial debt to creditors.
The terms of the plan indicate that the rapper will have to pay an amount of approximately $23 million over the next five years, with $17 million going to Sleek Audio and $6 million going to Lastonia Leviston, Rick Ross's baby mother who became involved in the heated beef between 50 and Rozay.
The $23 million amount agreed upon is equivalent to approximately 74-92% of the amount of the various claims placed against him.
The total payment amount is to distributed with an initial cash layout of $7.4 million and additional payments of $2 million annually for the next five years.
As for the funding of the other $6 million his lawyer states it, "could be funded largely, if not entirely, from the sale of [his] Connecticut property. Otherwise, the Additional Cash Contribution will be funded by the Debtor’s business activities and related business entities."
This decision comes a year after the rapper filed for Chapter 11 bankruptcy. It's als0 50's birthday today.